Exchange Traded Concepts LLC Purchases 14,566 Shares of First Horizon Co. (NYSE:FHN)

Exchange Traded Concepts LLC lifted its position in shares of First Horizon Co. (NYSE:FHN) by 13.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,933 shares of the financial services provider’s stock after purchasing an additional 14,566 shares during the quarter. Exchange Traded Concepts LLC’s holdings in First Horizon were worth $2,536,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Versant Capital Management Inc raised its position in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the last quarter. UMB Bank n.a. grew its stake in shares of First Horizon by 365.0% in the 3rd 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. Nemes Rush Group LLC raised its holdings in shares of 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 last quarter. Covestor Ltd lifted its position in shares of 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 purchasing an additional 651 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in First Horizon during the third quarter worth about $36,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on FHN shares. The Goldman Sachs Group lifted their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada raised their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a report on Thursday, October 17th. UBS Group initiated coverage on shares of First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Price Performance

First Horizon stock opened at $21.05 on Friday. The business has a fifty day moving average price of $20.53 and a 200-day moving average price of $17.90. The firm has a market capitalization of $11.16 billion, a P/E ratio of 15.48, a PEG ratio of 1.19 and a beta of 0.92. 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 one year low of $13.45 and a one year high of $21.82.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping 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 business earned $0.32 EPS. As a group, equities research analysts forecast that First Horizon Co. will post 1.63 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.15 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.85%. First Horizon’s payout ratio is currently 44.12%.

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

Insider Buying and Selling

In other First Horizon news, 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 sale, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The transaction 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 business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 220,954 shares of company stock worth $4,519,333. Corporate insiders own 0.87% of the company’s stock.

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.