Ieq Capital LLC Increases Holdings in First Horizon Co. (NYSE:FHN)

Ieq Capital LLC grew its holdings in First Horizon Co. (NYSE:FHN) by 601.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,121 shares of the financial services provider’s stock after acquiring an additional 154,433 shares during the period. Ieq Capital LLC’s holdings in First Horizon were worth $3,628,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. State Street Corp increased 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 purchasing an additional 4,116,486 shares during the last quarter. Geode Capital Management LLC increased 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 purchasing an additional 61,397 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of First Horizon in the third quarter worth about $39,242,000. Barclays PLC increased 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 purchasing an additional 1,185,772 shares during the last quarter. Finally, Citigroup Inc. increased 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 purchasing an additional 285,108 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Trading Down 3.2 %

FHN opened at $20.85 on Friday. The stock has a market cap of $11.05 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.19 and a beta of 0.92. The stock’s 50 day moving average price is $21.04 and its 200-day moving average price is $18.67. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period last year, the business earned $0.32 earnings per share. On average, equities analysts forecast that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.88%. First Horizon’s payout ratio is 44.12%.

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

Analyst Upgrades and Downgrades

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

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.87% of the stock is owned by company 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.