Concurrent Investment Advisors LLC Has $424,000 Stake in First Horizon Co. (NYSE:FHN)

Concurrent Investment Advisors LLC raised its position in shares of First Horizon Co. (NYSE:FHN) by 87.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,039 shares of the financial services provider’s stock after buying an additional 9,836 shares during the period. Concurrent Investment Advisors LLC’s holdings in First Horizon were worth $424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of FHN. Ieq Capital LLC increased its holdings in shares of First Horizon by 601.2% in the fourth quarter. Ieq Capital LLC now owns 180,121 shares of the financial services provider’s stock valued at $3,628,000 after purchasing an additional 154,433 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of First Horizon in the fourth quarter valued at approximately $101,000. Truist Financial Corp increased its holdings in shares of First Horizon by 2.6% in the fourth quarter. Truist Financial Corp now owns 48,049 shares of the financial services provider’s stock valued at $968,000 after purchasing an additional 1,230 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of First Horizon by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 17,214 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 884 shares in the last quarter. Finally, bLong Financial LLC acquired a new stake in shares of First Horizon in the fourth quarter valued at approximately $207,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FHN. Wells Fargo & Company raised their price target on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Barclays raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Bank of America raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Raymond James raised their price objective 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.04.

Insider Transactions at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.87% of the stock is owned by company insiders.

First Horizon Stock Down 0.8 %

Shares of FHN stock opened at $20.66 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The firm’s fifty day moving average price is $21.05 and its two-hundred day moving average price is $18.74. The firm has a market capitalization of $10.95 billion, a P/E ratio of 15.19, a PEG ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period last year, the company posted $0.32 EPS. On average, equities analysts predict that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.90%. First Horizon’s dividend payout ratio is presently 44.12%.

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

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.