Quest Partners LLC Purchases 92,106 Shares of First Horizon Co. (NYSE:FHN)

Quest Partners LLC increased its position in First Horizon Co. (NYSE:FHN) by 133.6% during the third quarter, HoldingsChannel.com reports. The firm owned 161,046 shares of the financial services provider’s stock after acquiring an additional 92,106 shares during the quarter. Quest Partners LLC’s holdings in First Horizon were worth $2,501,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. UMB Bank n.a. boosted its stake in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. bought a new position in First Horizon in the 2nd quarter worth about $28,000. Nemes Rush Group LLC boosted its stake in First Horizon by 306.2% in 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 in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in First Horizon in the 2nd quarter worth about $31,000. Finally, Covestor Ltd boosted its stake in First Horizon by 44.0% in 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 in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

NYSE FHN opened at $20.36 on Monday. The company has a 50-day moving average price of $16.85 and a 200-day moving average price of $16.11. The firm has a market capitalization of $10.79 billion, a P/E ratio of 14.75, a PEG ratio of 1.52 and a beta of 0.86. First Horizon Co. has a 52 week low of $11.87 and a 52 week high of $20.53. 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 (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates 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 prior year, the firm posted $0.27 EPS. Equities research analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is 43.48%.

First Horizon declared that its board has approved a share repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada upped their target price on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Evercore ISI upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Barclays upped their target price 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. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Insider Buying and Selling

In other news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was 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 directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

First Horizon 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.