First Horizon Co. (NYSE:FHN) Shares Acquired by Salzhauer Michael

Salzhauer Michael raised its holdings in shares of First Horizon Co. (NYSE:FHN) by 10.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 258,618 shares of the financial services provider’s stock after purchasing an additional 25,000 shares during the quarter. First Horizon accounts for 1.8% of Salzhauer Michael’s portfolio, making the stock its 12th largest position. Salzhauer Michael’s holdings in First Horizon were worth $5,209,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. State Street Corp increased 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 buying an additional 4,116,486 shares during the last quarter. Geode Capital Management LLC grew its holdings in First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after acquiring an additional 61,397 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of First Horizon in the 3rd quarter worth about $39,242,000. Barclays PLC raised its stake in shares of 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 purchasing an additional 1,185,772 shares in the last quarter. Finally, Citigroup Inc. lifted its position in shares of First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Stephens reiterated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. The Goldman Sachs Group raised their price objective on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Raymond James boosted their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada increased their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

Insider Transactions at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s 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 transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Price Performance

Shares of NYSE:FHN opened at $22.33 on Monday. The stock’s 50 day moving average price is $20.74 and its 200 day moving average price is $18.28. 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 stock has a market cap of $11.84 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.26 and a beta of 0.92. First Horizon Co. has a 12 month low of $13.46 and a 12 month high of $22.43.

First Horizon (NYSE:FHN) last released its 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 return on equity of 10.10% and a net margin of 15.38%. During the same quarter last year, the company earned $0.32 EPS. Equities research analysts anticipate that First Horizon Co. will post 1.64 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

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

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.