Lecap Asset Management Ltd. Buys 8,154 Shares of First Horizon Co. (NYSE:FHN)

Lecap Asset Management Ltd. raised its position in First Horizon Co. (NYSE:FHN) by 18.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 52,698 shares of the financial services provider’s stock after buying an additional 8,154 shares during the period. Lecap Asset Management Ltd.’s holdings in First Horizon were worth $1,061,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in FHN. State Street Corp increased its position in 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 period. Geode Capital Management LLC boosted its stake in shares of First Horizon by 0.7% in 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 last quarter. Point72 Asset Management L.P. acquired a new stake in shares of First Horizon during the 3rd quarter worth approximately $39,242,000. Barclays PLC raised its stake in shares of First Horizon by 169.1% during the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock worth $29,301,000 after buying an additional 1,185,772 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after buying an additional 285,108 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FHN has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Stephens reiterated an “overweight” rating and set a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Wells Fargo & Company increased their price target on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Raymond James lifted their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Bank of America raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Down 0.3 %

NYSE:FHN opened at $22.33 on Friday. The firm has a market capitalization of $11.84 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. 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 twelve month low of $13.46 and a twelve month high of $22.43. The stock’s 50 day moving average price is $20.74 and its two-hundred day moving average price is $18.25.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the business earned $0.32 EPS. Equities research analysts expect that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has approved a stock 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 reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 2.69%. First Horizon’s dividend payout ratio (DPR) is currently 44.12%.

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.