First Horizon Co. (NYSE:FHN) Shares Bought by Versant Capital Management Inc

Versant Capital Management Inc increased its position in First Horizon Co. (NYSE:FHN) by 160.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,436 shares of the financial services provider’s stock after buying an additional 884 shares during the period. Versant Capital Management Inc’s holdings in First Horizon were worth $29,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FHN. Millennium Management LLC lifted its stake in shares of First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in First Horizon in the 2nd quarter worth about $66,779,000. State Street Corp boosted its stake in First Horizon by 18.6% in the 3rd 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. Dimensional Fund Advisors LP grew its holdings in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after buying an additional 3,470,346 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in shares of First Horizon during the 3rd quarter worth about $39,242,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Stock Up 0.1 %

Shares of First Horizon stock opened at $20.49 on Wednesday. First Horizon Co. has a 1-year low of $12.95 and a 1-year high of $21.72. The company has a market capitalization of $10.86 billion, a PE ratio of 14.85, a P/E/G ratio of 1.51 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. The business has a 50-day moving average of $20.01 and a 200-day moving average of $17.40.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $821.63 million. During the same quarter last year, the firm earned $0.27 EPS. As a group, equities analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

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

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.15 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.93%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Analyst Ratings Changes

Several research firms recently issued reports on FHN. Barclays raised their target price 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. UBS Group began coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Royal Bank of Canada lifted their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.35.

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.