MetLife Investment Management LLC Has $4.30 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

MetLife Investment Management LLC lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 3.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 277,150 shares of the financial services provider’s stock after selling 10,804 shares during the period. MetLife Investment Management LLC owned about 0.05% of First Horizon worth $4,304,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. UMB Bank n.a. raised its holdings in shares of First Horizon by 365.0% during 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 shares of First Horizon during the 2nd quarter valued at about $28,000. Nemes Rush Group LLC grew its stake in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in First Horizon in the second quarter worth approximately $31,000. Finally, Covestor Ltd raised its position in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The stock was 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 directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction 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 represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $21.13 on Monday. The firm’s 50-day moving average is $17.85 and its 200-day moving average is $16.45. The company has a market cap of $11.20 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.58 and a beta of 0.86. 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 Co. has a 52-week low of $12.40 and a 52-week high of $21.72.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the prior year, the firm posted $0.27 EPS. Equities research analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.84%. First Horizon’s payout ratio is currently 43.48%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada increased their target price on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Stephens boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Raymond James boosted their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.08.

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.