Concurrent Investment Advisors LLC Makes New $174,000 Investment in First Horizon Co. (NYSE:FHN)

Concurrent Investment Advisors LLC acquired a new stake in First Horizon Co. (NYSE:FHN) in the third quarter, HoldingsChannel.com reports. The firm acquired 11,203 shares of the financial services provider’s stock, valued at approximately $174,000.

Several other institutional investors have also recently added to or reduced their stakes in FHN. Access Investment Management LLC grew its holdings in First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after buying an additional 715 shares during the period. Simplicity Wealth LLC increased its position in First Horizon by 2.8% during the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 786 shares during the last quarter. KMG Fiduciary Partners LLC raised its stake in First Horizon by 0.6% during the third quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after purchasing an additional 952 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of First Horizon by 7.5% in the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock valued at $249,000 after purchasing an additional 1,094 shares during the last quarter. Finally, OLD National Bancorp IN grew its stake in shares of First Horizon by 10.3% during the 2nd quarter. OLD National Bancorp IN now owns 12,059 shares of the financial services provider’s stock valued at $190,000 after buying an additional 1,130 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Stephens lifted their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. reduced their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Insider Buying and Selling at First Horizon

In other 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 directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by insiders.

First Horizon Stock Down 0.7 %

FHN stock opened at $19.88 on Wednesday. The company has a market capitalization of $10.65 billion, a P/E ratio of 14.41, a PEG ratio of 1.47 and a beta of 0.86. The firm has a 50 day simple moving average of $16.57 and a 200-day simple moving average of $16.00. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a twelve month low of $11.12 and a twelve month high of $20.53.

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

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its Board of Directors has authorized a share buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.