Janus Henderson Group PLC lowered its position in shares of First Horizon Co. (NYSE:FHN – Free Report) by 0.5% in the third quarter, HoldingsChannel reports. The fund owned 240,648 shares of the financial services provider’s stock after selling 1,252 shares during the period. Janus Henderson Group PLC’s holdings in First Horizon were worth $3,734,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. UMB Bank n.a. grew its stake in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares during the period. Family Firm Inc. acquired a new position in First Horizon during the second quarter valued at approximately $28,000. Nemes Rush Group LLC lifted its position in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon in the second quarter valued at approximately $31,000. Finally, Covestor Ltd lifted its holdings in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.
First Horizon Price Performance
First Horizon stock opened at $20.60 on Thursday. First Horizon Co. has a 12 month low of $12.95 and a 12 month high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The business’s 50 day simple moving average is $18.68 and its 200 day simple moving average is $16.71. The company has a market cap of $10.92 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.54 and a beta of 0.91.
First Horizon Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders 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 annualized dividend and a dividend yield of 2.91%. First Horizon’s payout ratio is currently 43.48%.
First Horizon announced that its board has authorized a share buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of research firms have commented on FHN. Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. JPMorgan Chase & Co. cut their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Raymond James boosted their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Stephens boosted 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. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $19.69.
Check Out Our Latest Stock Report on First Horizon
Insider Transactions at First Horizon
In other news, EVP David T. Popwell sold 100,974 shares of the firm’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 directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s 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 transaction, the director now directly 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 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.
Recommended Stories
- Five stocks we like better than First Horizon
- 3 Grocery Stocks That Are Proving They Are Still Essential
- The Great CPU Race: AMD and Intel Battle for Dominance
- What is the FTSE 100 index?
- GameStop Turns a Profit: So What? It’s Still Not Worth Investing
- Using the MarketBeat Dividend Yield Calculator
- C3.ai Stock Surges on Strong Sales Despite Profit Concerns
Want to see what other hedge funds are holding FHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Horizon Co. (NYSE:FHN – Free Report).
Receive News & Ratings for First Horizon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Horizon and related companies with MarketBeat.com's FREE daily email newsletter.