Access Investment Management LLC Purchases 675 Shares of First Horizon Co. (NYSE:FHN)

Access Investment Management LLC raised its position in shares of First Horizon Co. (NYSE:FHN) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 88,490 shares of the financial services provider’s stock after purchasing an additional 675 shares during the period. Access Investment Management LLC’s holdings in First Horizon were worth $1,782,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of FHN. State Street Corp boosted its holdings in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after acquiring an additional 4,116,486 shares during the period. Geode Capital Management LLC boosted its holdings in shares of First Horizon by 0.7% in the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after acquiring an additional 61,397 shares during the period. Point72 Asset Management L.P. bought a new position in shares of First Horizon in the third quarter worth $39,242,000. Barclays PLC boosted its holdings in shares of First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock worth $29,301,000 after acquiring an additional 1,185,772 shares during the period. Finally, Citigroup Inc. boosted its holdings in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after acquiring an additional 285,108 shares during the period. 80.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

First Horizon Trading Down 3.2 %

Shares of FHN stock opened at $20.85 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $21.04 and a two-hundred day moving average price of $18.67. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The firm has a market cap of $11.05 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter last year, the company earned $0.32 earnings per share. Equities analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon announced that its board has authorized a share repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is currently 44.12%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FHN. Stephens reaffirmed an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Royal Bank of Canada raised their price target on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Bank of America raised their price target on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Wells Fargo & Company lifted their price objective on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group lifted their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.04.

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.