GAMMA Investing LLC Acquires 875 Shares of First Horizon Co. (NYSE:FHN)

GAMMA Investing LLC increased its holdings in First Horizon Co. (NYSE:FHN) by 10.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,117 shares of the financial services provider’s stock after purchasing an additional 875 shares during the quarter. GAMMA Investing LLC’s holdings in First Horizon were worth $184,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. bought a new stake in First Horizon during the second quarter valued at about $66,779,000. State Street Corp grew its stake in 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 valued at $410,789,000 after purchasing an additional 4,116,486 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in First Horizon by 28.8% in 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 purchasing an additional 3,470,346 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of First Horizon during 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 Trading Up 0.9 %

First Horizon stock opened at $20.65 on Thursday. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The stock has a 50-day moving average price of $20.07 and a 200 day moving average price of $17.42. 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 company has a market capitalization of $10.95 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 1.51 and a beta of 0.92.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $0.27 EPS. Sell-side analysts anticipate that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon announced that its board has approved a share buyback plan 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 purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

Insider Buying and Selling at First Horizon

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. Company insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FHN shares. Barclays lifted their price objective 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 assumed coverage on First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. Stephens upped their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Wells Fargo & Company raised their price target on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.