CapWealth Advisors LLC Acquires 5,997 Shares of First Horizon Co. (NYSE:FHN)

CapWealth Advisors LLC grew its holdings in First Horizon Co. (NYSE:FHN) by 46.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,803 shares of the financial services provider’s stock after buying an additional 5,997 shares during the quarter. CapWealth Advisors LLC’s holdings in First Horizon were worth $379,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FHN. State Street Corp raised its stake in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after acquiring an additional 4,116,486 shares during the last quarter. Point72 Asset Management L.P. bought a new position in First Horizon in the 3rd quarter worth approximately $39,242,000. Barclays PLC boosted its position in First Horizon by 169.1% in the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock valued at $29,301,000 after buying an additional 1,185,772 shares during the last quarter. Quantbot Technologies LP bought a new position in First Horizon in the 3rd quarter valued at $7,797,000. Finally, BNP Paribas Financial Markets increased its stake in shares of First Horizon by 590.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 517,625 shares of the financial services provider’s stock valued at $8,039,000 after buying an additional 442,686 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Activity at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction 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 represents a 5.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.87% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Bank of America lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Barclays lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. The Goldman Sachs Group increased their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Raymond James lifted their target price on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada raised their price target on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.04.

First Horizon Stock Performance

Shares of First Horizon stock opened at $22.11 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.26 and a beta of 0.92. The stock’s 50-day moving average is $20.89 and its 200-day moving average is $18.44. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44.

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 analysts’ consensus estimates 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 company posted $0.32 earnings per share. Equities analysts predict that First Horizon Co. will post 1.64 earnings per share for the current fiscal year.

First Horizon declared that its board has authorized a share buyback plan 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 plans are typically an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is currently 44.12%.

First Horizon 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.