Qsemble Capital Management LP Grows Stake in First Horizon Co. (NYSE:FHN)

Qsemble Capital Management LP lifted its stake in First Horizon Co. (NYSE:FHN) by 480.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 100,260 shares of the financial services provider’s stock after buying an additional 82,978 shares during the quarter. Qsemble Capital Management LP’s holdings in First Horizon were worth $1,557,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FHN. Bank of New York Mellon Corp increased its stake in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after purchasing an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Millennium Management LLC increased its position in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. LSV Asset Management raised its holdings in First Horizon by 5.2% in the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after acquiring an additional 692,100 shares during the last quarter. Finally, Sculptor Capital LP lifted its position in First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after acquiring an additional 1,570,000 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 2.4 %

FHN opened at $21.43 on Tuesday. The firm’s 50 day simple moving average is $17.43 and its two-hundred day simple moving average is $16.31. The company has a market capitalization of $11.36 billion, a PE ratio of 15.53, a PEG ratio of 1.56 and a beta of 0.86. First Horizon Co. has a 1-year low of $11.87 and a 1-year high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the firm earned $0.27 EPS. As a group, equities analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

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

First Horizon Announces Dividend

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

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were 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 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.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Raymond James lifted their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Stephens upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Evercore ISI boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.38.

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.