502,056 Shares in First Horizon Co. (NYSE:FHN) Acquired by Quantbot Technologies LP

Quantbot Technologies LP purchased a new stake in First Horizon Co. (NYSE:FHN) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 502,056 shares of the financial services provider’s stock, valued at approximately $7,797,000. Quantbot Technologies LP owned about 0.09% of First Horizon as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. increased its position in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new stake in First Horizon in the 2nd quarter valued at $28,000. Nemes Rush Group LLC raised its position in First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. acquired a new position in shares of First Horizon during the second quarter worth about $31,000. Finally, Covestor Ltd boosted its position in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on FHN shares. Evercore ISI raised their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research note on Thursday, October 17th. Stephens boosted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Royal Bank of Canada raised their price target on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Barclays boosted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Six investment 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, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

First Horizon Stock Up 2.4 %

NYSE:FHN opened at $21.43 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $11.36 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86. First Horizon Co. has a one year low of $11.87 and a one year high of $21.72. The stock has a 50-day simple moving average of $17.43 and a 200 day simple moving average of $16.31.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates 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 last year, the firm earned $0.27 EPS. Sell-side analysts predict that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.80%. First Horizon’s payout ratio is 43.48%.

First Horizon declared that its board has initiated a share buyback plan 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate 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.