Summit Asset Management LLC Acquires 4,045 Shares of First Horizon Co. (NYSE:FHN)

Summit Asset Management LLC grew its position in First Horizon Co. (NYSE:FHN) by 25.6% in the third quarter, Holdings Channel reports. The fund owned 19,837 shares of the financial services provider’s stock after acquiring an additional 4,045 shares during the quarter. Summit Asset Management LLC’s holdings in First Horizon were worth $308,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp increased its holdings in First Horizon by 13.6% in the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after purchasing an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP increased its holdings in First Horizon by 28.8% in 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 period. Millennium Management LLC increased its holdings in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares during the period. Finally, LSV Asset Management increased its holdings in 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 valued at $221,187,000 after purchasing an additional 692,100 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were 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 $10,278,937.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction 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 approximately $3,323,452.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction 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 sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

First Horizon Trading Up 1.3 %

Shares of FHN stock opened at $20.14 on Thursday. The company has a 50 day moving average of $16.66 and a 200-day moving average of $16.03. 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 Co. has a 12-month low of $11.86 and a 12-month high of $20.53. The firm has a market cap of $10.68 billion, a P/E ratio of 14.59, a PEG ratio of 1.48 and a beta of 0.86.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the business earned $0.27 EPS. Sell-side analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon announced that its board has initiated a share repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors 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 2.98%. First Horizon’s dividend payout ratio is 43.48%.

Analyst Ratings Changes

FHN has been the subject of a number of recent research reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 price objective on shares of First Horizon in a report on Wednesday, July 17th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Royal Bank of Canada raised their target price on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, Stephens raised their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.38.

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.