First Horizon Co. (NYSE:FHN) Shares Purchased by Perigon Wealth Management LLC

Perigon Wealth Management LLC raised its holdings in First Horizon Co. (NYSE:FHN) by 9.9% during the 4th quarter, Holdings Channel reports. The firm owned 12,698 shares of the financial services provider’s stock after purchasing an additional 1,149 shares during the quarter. Perigon Wealth Management LLC’s holdings in First Horizon were worth $271,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp increased its position in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after purchasing an additional 4,116,486 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after buying an additional 61,397 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in First Horizon in the 3rd quarter valued at about $39,242,000. Barclays PLC increased its stake in First Horizon by 169.1% during the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock valued at $29,301,000 after buying an additional 1,185,772 shares during the period. Finally, Citigroup Inc. grew its stake in shares of First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,954 shares of company stock worth $4,519,333. 0.87% of the stock is owned by company insiders.

First Horizon Trading Down 0.1 %

Shares of FHN stock opened at $21.91 on Monday. The company has a market cap of $11.62 billion, a P/E ratio of 16.11, a PEG ratio of 1.22 and a beta of 0.92. First Horizon Co. has a fifty-two week low of $13.45 and a fifty-two week high of $22.11. The stock has a 50 day simple moving average of $20.66 and a two-hundred day simple moving average of $18.08. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the prior year, the company earned $0.32 earnings per share. Research analysts forecast that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.74%. First Horizon’s payout ratio is presently 44.12%.

Analyst Ratings Changes

Several research firms recently commented on FHN. Bank of America raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Evercore ISI upped their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Stephens reissued an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. Finally, Raymond James increased their price objective on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

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.