Harbor Capital Advisors Inc. Has $1.64 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

Harbor Capital Advisors Inc. increased its stake in shares of First Horizon Co. (NYSE:FHN) by 127.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 105,866 shares of the financial services provider’s stock after buying an additional 59,258 shares during the period. Harbor Capital Advisors Inc.’s holdings in First Horizon were worth $1,644,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Access Investment Management LLC grew its position in shares of First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after purchasing an additional 715 shares during the last quarter. First Trust Direct Indexing L.P. increased its position in First Horizon by 6.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock worth $194,000 after buying an additional 765 shares during the period. Simplicity Wealth LLC increased its position in First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after buying an additional 786 shares during the period. KMG Fiduciary Partners LLC lifted its holdings in shares of 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 buying an additional 952 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of First Horizon by 7.5% in the second quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,094 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FHN has been the subject of several analyst reports. Barclays lifted their price objective on shares of First Horizon from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Stephens raised their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Royal Bank of Canada upped their target price on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Finally, Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a research report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $17.92.

First Horizon Price Performance

Shares of NYSE:FHN opened at $17.27 on Wednesday. The firm has a 50 day simple moving average of $16.22 and a 200 day simple moving average of $15.80. The company has a market cap of $9.25 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.29 and a beta of 0.86. First Horizon Co. has a one year low of $10.96 and a one year high of $17.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95.

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, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the company posted $0.27 EPS. Research analysts predict that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm 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. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.47%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

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

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.