Leavell Investment Management Inc. Makes New $173,000 Investment in First Horizon Co. (NYSE:FHN)

Leavell Investment Management Inc. acquired a new stake in shares of First Horizon Co. (NYSE:FHN) during the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 11,023 shares of the financial services provider’s stock, valued at approximately $173,000.

Other large investors also recently modified their holdings of the company. UMB Bank n.a. grew its position in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. purchased a new stake in shares of First Horizon in the 2nd quarter valued at $28,000. Nemes Rush Group LLC grew its holdings in shares of First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. purchased a new position in First Horizon in the 2nd quarter worth $31,000. Finally, Abich Financial Wealth Management LLC lifted its stake in First Horizon by 54.5% in the first quarter. Abich Financial Wealth Management LLC now owns 3,613 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 1,274 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Stephens boosted their price objective on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research 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 stock an “outperform” rating in a research note on Thursday, October 17th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Evercore ISI raised their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $18.38.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is owned by company insiders.

First Horizon Price Performance

FHN stock opened at $20.03 on Tuesday. The firm has a 50-day moving average of $16.50 and a 200 day moving average of $15.96. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. The company has a market cap of $10.73 billion, a P/E ratio of 14.51, a PEG ratio of 1.47 and a beta of 0.86. First Horizon Co. has a 1 year low of $11.12 and a 1 year high of $20.53.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the business posted $0.27 EPS. On average, sell-side analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

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

First Horizon 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.