Orion Portfolio Solutions LLC Increases Stake in First Horizon Co. (NYSE:FHN)

Orion Portfolio Solutions LLC grew its position in First Horizon Co. (NYSE:FHN) by 15.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 42,443 shares of the financial services provider’s stock after purchasing an additional 5,763 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in First Horizon were worth $659,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. raised its holdings 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 acquiring an additional 1,325 shares during the last quarter. Family Firm Inc. bought a new position in shares of First Horizon during the second quarter valued at $28,000. Nemes Rush Group LLC boosted its position in shares of First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. purchased a new stake in shares of First Horizon during the second quarter valued at $31,000. Finally, Covestor Ltd increased its holdings 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 buying an additional 651 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 sale, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was 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 in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of several research analyst reports. Raymond James upped 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. The Goldman Sachs Group raised their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. cut their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Stephens raised their price target on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.69.

First Horizon Stock Up 0.7 %

FHN stock opened at $20.33 on Tuesday. The business’s 50-day moving average price is $18.97 and its 200-day moving average price is $16.81. The stock has a market cap of $10.78 billion, a P/E ratio of 14.73, a PEG ratio of 1.54 and a beta of 0.91. First Horizon Co. has a twelve month low of $12.95 and a twelve month high of $21.72. 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 issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The business 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 quarter in the previous year, the firm earned $0.27 earnings per share. On average, equities research analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

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

First Horizon Dividend Announcement

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

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.