Stephens Inc. AR Purchases 9,458 Shares of First Horizon Co. (NYSE:FHN)

Stephens Inc. AR boosted its position in shares of First Horizon Co. (NYSE:FHN) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 165,629 shares of the financial services provider’s stock after buying an additional 9,458 shares during the period. Stephens Inc. AR’s holdings in First Horizon were worth $2,572,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in First Horizon by 57.6% during the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after buying an additional 155,982 shares during the last quarter. LSV Asset Management lifted its stake in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after purchasing an additional 4,434,929 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of First Horizon in the 1st quarter valued at approximately $2,366,000. O Shaughnessy Asset Management LLC lifted its stake in shares of First Horizon by 286.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock valued at $1,012,000 after purchasing an additional 48,720 shares during the last quarter. Finally, M&G Plc bought a new stake in shares of First Horizon in the 1st quarter valued at approximately $8,019,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. JPMorgan Chase & Co. lowered their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Barclays raised their price objective on First Horizon from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Finally, Robert W. Baird set a $17.00 price target on First Horizon in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

First Horizon Trading Down 0.8 %

FHN opened at $17.19 on Monday. The stock’s fifty day moving average is $16.21 and its two-hundred day moving average is $15.77. The company has a market capitalization of $9.21 billion, a P/E ratio of 12.46, a PEG ratio of 1.30 and a beta of 0.86. First Horizon Co. has a 52 week low of $10.89 and a 52 week high of $17.93. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period last year, the business posted $0.27 EPS. Analysts forecast that First Horizon Co. will post 1.48 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.49%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon Company Profile

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.