Tidal Investments LLC Acquires 3,722 Shares of First Horizon Co. (NYSE:FHN)

Tidal Investments LLC raised its stake in shares of First Horizon Co. (NYSE:FHN) by 5.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 66,623 shares of the financial services provider’s stock after purchasing an additional 3,722 shares during the quarter. Tidal Investments LLC’s holdings in First Horizon were worth $1,035,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in FHN. Wilmington Savings Fund Society FSB bought a new stake in First Horizon in the 3rd quarter worth approximately $127,000. Sanctuary Advisors LLC lifted its holdings in First Horizon by 16.8% in the third quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 3,540 shares during the period. Virtu Financial LLC boosted its position in First Horizon by 227.0% in the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 23,203 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after purchasing an additional 61,397 shares during the period. Finally, M&T Bank Corp lifted its stake in shares of First Horizon by 4.7% in the 3rd quarter. M&T Bank Corp now owns 20,400 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 912 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Up 0.8 %

NYSE FHN opened at $19.27 on Friday. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The company has a fifty day simple moving average of $19.20 and a two-hundred day simple moving average of $16.88. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market cap of $10.22 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the firm posted $0.27 EPS. On average, analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 3.11%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon announced that its board has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding 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 usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. 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 report on Wednesday, October 30th. Keefe, Bruyette & Woods upped their price objective on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday. Wells Fargo & Company lifted their target price on First Horizon from $18.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. reduced their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, Stephens lifted their price objective on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.85.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value 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 approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated 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. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

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.