Harmony Asset Management LLC Buys 4,510 Shares of First Horizon Co. (NYSE:FHN)

Harmony Asset Management LLC boosted its position in shares of First Horizon Co. (NYSE:FHN) by 5.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 81,020 shares of the financial services provider’s stock after purchasing an additional 4,510 shares during the period. Harmony Asset Management LLC’s holdings in First Horizon were worth $1,258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP lifted its holdings in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Millennium Management LLC raised its holdings in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. LSV Asset Management increased its holdings in shares of First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after buying an additional 692,100 shares during the period. Finally, Sculptor Capital LP raised its stake in First Horizon by 18.2% in the second quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after buying an additional 1,570,000 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $20.72 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 12 month low of $12.95 and a 12 month high of $21.72. The business has a 50-day moving average of $17.85 and a two-hundred day moving average of $16.46. The firm has a market capitalization of $10.98 billion, a PE ratio of 15.01, a P/E/G ratio of 1.58 and a beta of 0.91.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating 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 net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the business earned $0.27 EPS. As a group, research analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon announced that its board has authorized a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors 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. Shareholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.90%. First Horizon’s dividend payout ratio (DPR) is 43.48%.

Insiders Place Their Bets

In other First Horizon 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 value of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, 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. Corporate insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FHN shares. The Goldman Sachs Group upped their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reduced 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. Royal Bank of Canada raised 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. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Stephens raised their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.08.

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.