CIBC Asset Management Inc Raises Stock Holdings in First Horizon Co. (NYSE:FHN)

CIBC Asset Management Inc boosted its holdings in shares of First Horizon Co. (NYSE:FHN) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,330 shares of the financial services provider’s stock after acquiring an additional 559 shares during the quarter. CIBC Asset Management Inc’s holdings in First Horizon were worth $254,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Curi RMB Capital LLC grew its stake in First Horizon by 2.6% in the 3rd quarter. Curi RMB Capital LLC now owns 400,000 shares of the financial services provider’s stock worth $6,212,000 after acquiring an additional 10,000 shares in the last quarter. KBC Group NV grew its stake in First Horizon by 240.5% in the third quarter. KBC Group NV now owns 47,724 shares of the financial services provider’s stock worth $741,000 after purchasing an additional 33,708 shares in the last quarter. Summit Asset Management LLC grew its stake in First Horizon by 25.6% in the third quarter. Summit Asset Management LLC now owns 19,837 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 4,045 shares in the last quarter. Aigen Investment Management LP purchased a new stake in shares of First Horizon in the 3rd quarter worth $219,000. Finally, GSA Capital Partners LLP lifted its holdings in shares of First Horizon by 99.8% in the 3rd quarter. GSA Capital Partners LLP now owns 122,425 shares of the financial services provider’s stock worth $1,901,000 after buying an additional 61,150 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

FHN opened at $20.93 on Friday. The firm’s 50-day moving average price is $17.32 and its 200-day moving average price is $16.26. The company has a market cap of $11.10 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 52-week low of $11.87 and a 52-week high of $21.01.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating 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 net margin of 15.43% and a return on equity of 9.51%. During the same quarter in the prior year, the business posted $0.27 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.87%. First Horizon’s dividend payout ratio is presently 43.48%.

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

Analyst Ratings Changes

Several equities analysts have recently commented on FHN shares. Barclays raised their price target on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens raised 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. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada lifted their price objective on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Insider Activity at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

About First Horizon

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.