Vise Technologies Inc. Purchases New Stake in First Horizon Corporation $FHN

Vise Technologies Inc. acquired a new position in First Horizon Corporation (NYSE:FHN) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 17,995 shares of the financial services provider’s stock, valued at approximately $381,000.

Other large investors also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after purchasing an additional 4,392,405 shares during the last quarter. William Blair Investment Management LLC acquired a new position in First Horizon in the second quarter valued at approximately $79,776,000. Invesco Ltd. boosted its stake in First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after acquiring an additional 2,968,012 shares during the last quarter. Nuveen LLC acquired a new stake in First Horizon during the 1st quarter worth $46,640,000. Finally, Sculptor Capital LP grew its holdings in First Horizon by 59.0% during the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock worth $94,517,000 after acquiring an additional 1,806,000 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the sale, the chief accounting officer directly owned 128,626 shares in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the transaction, the executive vice president directly owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 262,768 shares of company stock worth $5,721,862. 0.87% of the stock is currently owned by company insiders.

First Horizon Trading Down 0.2%

NYSE FHN opened at $21.39 on Friday. First Horizon Corporation has a one year low of $15.19 and a one year high of $23.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $10.53 billion, a P/E ratio of 12.96, a P/E/G ratio of 0.81 and a beta of 0.70. The stock’s 50-day moving average is $21.96 and its 200-day moving average is $21.33.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The business had revenue of $893.00 million during the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.First Horizon’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 EPS. Sell-side analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its board has approved a stock buyback plan on Monday, October 27th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio (DPR) is presently 36.36%.

Analyst Ratings Changes

FHN has been the topic of a number of analyst reports. Barclays increased their price target on First Horizon from $26.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday. Wells Fargo & Company cut their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Cowen started coverage on First Horizon in a research report on Wednesday, September 24th. They set a “hold” rating for the company. Jefferies Financial Group set a $25.00 price target on First Horizon and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Citigroup lifted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.41.

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.