Venturi Wealth Management LLC Takes $101,000 Position in First Horizon Co. (NYSE:FHN)

Venturi Wealth Management LLC purchased a new stake in shares of First Horizon Co. (NYSE:FHN) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,000 shares of the financial services provider’s stock, valued at approximately $101,000.

Several other hedge funds have also added to or reduced their stakes in FHN. State Street Corp grew its holdings in First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after acquiring an additional 4,116,486 shares during the period. Point72 Asset Management L.P. bought a new position in shares of First Horizon in the 3rd quarter worth $39,242,000. Barclays PLC grew 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 purchasing an additional 1,185,772 shares during the period. Quantbot Technologies LP bought a new stake in First Horizon in the third quarter valued at about $7,797,000. Finally, BNP Paribas Financial Markets lifted its stake in First Horizon by 590.7% in the third quarter. BNP Paribas Financial Markets now owns 517,625 shares of the financial services provider’s stock valued at $8,039,000 after buying an additional 442,686 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Bank of America boosted their target price on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. UBS Group began coverage on shares of First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Raymond James increased their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Stephens reissued an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Finally, Evercore ISI raised their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average price target of $22.04.

Insider Activity

In other news, CEO D Bryan Jordan sold 109,980 shares of the company’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 transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $20.85 on Monday. The firm has a 50-day moving average price of $21.04 and a two-hundred day moving average price of $18.70. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The company has a market capitalization of $11.05 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.19 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 (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 return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the company earned $0.32 earnings per share. Analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

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

First Horizon declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Company 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.