Prospera Financial Services Inc Buys 16,872 Shares of First Horizon Co. (NYSE:FHN)

Prospera Financial Services Inc boosted its stake in First Horizon Co. (NYSE:FHN) by 56.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,504 shares of the financial services provider’s stock after acquiring an additional 16,872 shares during the quarter. Prospera Financial Services Inc’s holdings in First Horizon were worth $722,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. UMB Bank n.a. lifted its position in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new position in shares of First Horizon during the 2nd quarter worth about $28,000. Nemes Rush Group LLC increased its stake 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 worth $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in shares of First Horizon during the 2nd quarter worth about $31,000. Finally, Covestor Ltd increased its stake in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the firm’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 transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’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 transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Stock Performance

Shares of First Horizon stock opened at $20.93 on Friday. The company has a 50 day moving average of $17.32 and a 200-day moving average of $16.27. First Horizon Co. has a 1-year low of $11.87 and a 1-year high of $21.01. 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 company has a market cap of $11.10 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 1.51 and a beta of 0.86.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the prior year, the firm posted $0.27 EPS. As a group, equities research analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon announced that its board has authorized a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

First Horizon Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on FHN shares. Royal Bank of Canada boosted their price objective 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. Stephens upped their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Raymond James upped their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research note on Thursday, October 17th. Finally, Barclays upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.38.

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.