Salzhauer Michael Grows Stock Holdings in First Horizon Co. (NYSE:FHN)

Salzhauer Michael boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 10.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 258,618 shares of the financial services provider’s stock after acquiring an additional 25,000 shares during the quarter. First Horizon comprises 1.8% of Salzhauer Michael’s investment portfolio, making the stock its 12th biggest holding. Salzhauer Michael’s holdings in First Horizon were worth $5,209,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of First Horizon by 18.6% during 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 lifted 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 worth $145,194,000 after acquiring an additional 61,397 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of First Horizon in the third quarter valued at about $39,242,000. Barclays PLC increased 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 acquiring an additional 1,185,772 shares during the period. Finally, Citigroup Inc. raised its holdings in First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Trading Down 0.3 %

Shares of FHN opened at $22.33 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 1-year low of $13.46 and a 1-year high of $22.43. The stock has a market cap of $11.84 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 1.26 and a beta of 0.92. The firm has a 50 day simple moving average of $20.74 and a 200-day simple moving average of $18.28.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping 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 quarter in the prior year, the business earned $0.32 earnings per share. Equities analysts forecast that First Horizon Co. will post 1.64 EPS for the current fiscal year.

First Horizon Announces Dividend

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

First Horizon declared that its Board of Directors has approved a share buyback 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 reacquire up to 10.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

FHN has been the topic of a number of analyst reports. Barclays lifted their price objective on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada upped their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Keefe, Bruyette & Woods increased their price objective on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. boosted their target price on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Stephens reiterated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.04.

Insider Buying and Selling

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction 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 directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

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.