Quantinno Capital Management LP Purchases 2,145 Shares of First Horizon Co. (NYSE:FHN)

Quantinno Capital Management LP lifted its position in shares of First Horizon Co. (NYSE:FHN) by 8.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 27,760 shares of the financial services provider’s stock after acquiring an additional 2,145 shares during the quarter. Quantinno Capital Management LP’s holdings in First Horizon were worth $431,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC raised its stake in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after buying an additional 4,558,129 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of First Horizon in the 2nd quarter worth $66,779,000. Bank of New York Mellon Corp lifted its stake in shares of First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after purchasing an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 valued at $244,647,000 after purchasing an additional 3,470,346 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in First Horizon in the third quarter valued at about $39,242,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $20.19 on Monday. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a market cap of $10.70 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.54 and a beta of 0.91. The business’s 50 day moving average price is $18.88 and its 200 day moving average price is $16.78.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for 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 quarter in the prior year, the business earned $0.27 earnings per share. On average, sell-side analysts expect that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.97%. First Horizon’s payout ratio is currently 43.48%.

First Horizon announced that its board has approved a share buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FHN. JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Stephens increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Raymond James lifted their price target on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays increased their price objective on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, 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 report on Tuesday, November 26th. Seven 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, the company presently has an average rating of “Moderate Buy” and an average target price of $19.69.

Insider Activity

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were 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 approximately $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. 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.