First Horizon Co. (NYSE:FHN) Position Increased by Versant Capital Management Inc

Versant Capital Management Inc boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 160.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,436 shares of the financial services provider’s stock after purchasing an additional 884 shares during the quarter. Versant Capital Management Inc’s holdings in First Horizon were worth $29,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in shares of First Horizon by 552.9% during the third quarter. Franklin Resources Inc. now owns 273,693 shares of the financial services provider’s stock valued at $4,502,000 after acquiring an additional 231,773 shares during the period. Tidal Investments LLC boosted its stake in First Horizon by 5.9% during the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider’s stock valued at $1,035,000 after purchasing an additional 3,722 shares during the period. Wilmington Savings Fund Society FSB bought a new position in First Horizon in the 3rd quarter worth about $127,000. Sanctuary Advisors LLC increased its stake in shares of First Horizon by 16.8% in the third quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 3,540 shares during the period. Finally, Virtu Financial LLC boosted its position in shares of First Horizon by 227.0% during the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock worth $519,000 after buying an additional 23,203 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FHN has been the topic of several recent analyst reports. UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price on the stock. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods upped their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Finally, Barclays raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.35.

First Horizon Stock Up 0.1 %

Shares of First Horizon stock opened at $20.49 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The firm has a market capitalization of $10.86 billion, a PE ratio of 14.85, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92. The stock’s fifty day moving average is $20.01 and its 200-day moving average is $17.40.

First Horizon (NYSE:FHN) last announced its earnings results 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. 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 analysts’ expectations of $821.63 million. During the same period last year, the company posted $0.27 earnings per share. Equities analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.93%. First Horizon’s payout ratio is currently 43.48%.

First Horizon announced that its board has authorized a share 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now 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. 0.87% of the stock is currently owned by insiders.

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.