3,667 Shares in First Horizon Co. (NYSE:FHN) Purchased by Tandem Financial LLC

Tandem Financial LLC bought a new position in shares of First Horizon Co. (NYSE:FHN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,667 shares of the financial services provider’s stock, valued at approximately $74,000.

Several other hedge funds have also made changes to their positions in the company. Citigroup Inc. raised its position in shares of First Horizon by 43.0% during the 3rd 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. Los Angeles Capital Management LLC raised its position in First Horizon by 13.1% in the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after purchasing an additional 100,359 shares during the period. Allen Capital Group LLC lifted its stake in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 29,581 shares during the last quarter. Merit Financial Group LLC acquired a new position in shares of First Horizon in the 4th quarter valued at $453,000. Finally, Greenwood Capital Associates LLC increased its position in shares of First Horizon by 10.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after purchasing an additional 42,793 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were 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 in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated 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 approximately $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 owned by company insiders.

First Horizon Stock Performance

Shares of First Horizon stock opened at $22.36 on Friday. The business has a 50-day simple moving average of $20.72 and a 200-day simple moving average of $18.21. The company has a market cap of $11.86 billion, a PE ratio of 16.44, a P/E/G ratio of 1.24 and a beta of 0.92. First Horizon Co. has a one year low of $13.45 and a one year high of $22.39. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating 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 period in the prior year, the firm posted $0.32 EPS. On average, equities research analysts forecast that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio is presently 44.12%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Stephens reaffirmed an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Evercore ISI upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods lifted their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. The Goldman Sachs Group upped their price target on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, UBS Group started coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $22.04.

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.