Algert Global LLC Purchases 89,783 Shares of First Horizon Co. (NYSE:FHN)

Algert Global LLC raised its position in shares of First Horizon Co. (NYSE:FHN) by 20.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 534,182 shares of the financial services provider’s stock after acquiring an additional 89,783 shares during the period. Algert Global LLC’s holdings in First Horizon were worth $8,296,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. LSV Asset Management lifted its holdings in shares of First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after purchasing an additional 692,100 shares during the last quarter. Finally, Sculptor Capital LP lifted its holdings in shares of First Horizon by 18.2% during the second quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after purchasing an additional 1,570,000 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FHN shares. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a report on Thursday, October 17th. Royal Bank of Canada lifted their target price on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Raymond James lifted their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $18.38.

First Horizon Price Performance

Shares of FHN opened at $20.93 on Friday. The firm has a market cap of $11.10 billion, a PE ratio of 15.17, a P/E/G ratio of 1.51 and a beta of 0.86. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $17.32 and a two-hundred day simple moving average of $16.27. First Horizon Co. has a 1-year low of $11.87 and a 1-year high of $21.01.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the business earned $0.27 EPS. On average, equities analysts anticipate that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon declared that its Board of Directors has authorized a stock repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.