MassMutual Private Wealth & Trust FSB Grows Holdings in First Horizon Co. (NYSE:FHN)

MassMutual Private Wealth & Trust FSB boosted its position in First Horizon Co. (NYSE:FHN) by 335.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,596 shares of the financial services provider’s stock after purchasing an additional 2,000 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in First Horizon were worth $52,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FHN. American Century Companies Inc. increased its position in shares of First Horizon by 2.3% during the second quarter. American Century Companies Inc. now owns 239,193 shares of the financial services provider’s stock valued at $3,772,000 after acquiring an additional 5,469 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of First Horizon by 5.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock valued at $1,909,000 after purchasing an additional 6,696 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of First Horizon by 9.1% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 2,143 shares during the period. Sei Investments Co. boosted its holdings in shares of First Horizon by 19.0% in the 2nd quarter. Sei Investments Co. now owns 507,947 shares of the financial services provider’s stock worth $8,011,000 after buying an additional 81,155 shares during the last quarter. Finally, Evergreen Capital Management LLC bought a new position in First Horizon during the second quarter valued at about $212,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN stock opened at $21.05 on Friday. The firm has a 50 day moving average of $20.53 and a 200-day moving average of $17.88. The firm has a market capitalization of $11.16 billion, a P/E ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. First Horizon Co. has a 12 month low of $13.45 and a 12 month high of $21.82. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the business posted $0.32 earnings per share. As a group, sell-side analysts predict that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were issued a $0.15 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.85%. First Horizon’s payout ratio is currently 44.12%.

First Horizon declared that its board has initiated a share 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 repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Raymond James boosted their target price 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. Keefe, Bruyette & Woods upped their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Royal Bank of Canada raised their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. upped their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Bank of America lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Seven 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, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $22.04.

Insider Activity

In other news, 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 sale, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 220,954 shares of company stock worth $4,519,333. 0.87% of the stock is currently owned by insiders.

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.