GAMMA Investing LLC Raises Stake in First Horizon Co. (NYSE:FHN)

GAMMA Investing LLC lifted its position in First Horizon Co. (NYSE:FHN) by 10.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,117 shares of the financial services provider’s stock after purchasing an additional 875 shares during the period. GAMMA Investing LLC’s holdings in First Horizon were worth $184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 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 purchasing an additional 4,116,486 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Millennium Management LLC boosted its position in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after acquiring an additional 4,558,129 shares during the last quarter. Sculptor Capital LP grew its stake in First Horizon by 18.2% during the second quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after acquiring an additional 1,570,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after acquiring an additional 61,397 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

FHN stock opened at $20.65 on Thursday. The stock has a market cap of $10.95 billion, a PE ratio of 14.96, a P/E/G ratio of 1.51 and a beta of 0.92. First Horizon Co. has a 12 month low of $12.95 and a 12 month high of $21.72. The company has a 50-day moving average price of $20.07 and a 200 day moving average price of $17.42. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same quarter last year, the firm earned $0.27 earnings per share. Equities research analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.91%. The ex-dividend date was Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its Board of Directors has approved a stock repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

FHN has been the subject of several research reports. 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. Royal Bank of Canada increased their price target on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Barclays lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Keefe, Bruyette & Woods increased their target price on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Finally, UBS Group started coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.35.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,974 shares of the business’s 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 sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

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.