Access Investment Management LLC Makes New $1.90 Million Investment in First Horizon Corporation $FHN

Access Investment Management LLC acquired a new position in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 89,490 shares of the financial services provider’s stock, valued at approximately $1,897,000.

Other hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. increased its position in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the period. Compass Financial Services Inc acquired a new stake in shares of First Horizon in the 1st quarter worth $38,000. Quarry LP grew its stake in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 1,243 shares during the last quarter. Hantz Financial Services Inc. grew its position in First Horizon by 1,579.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 1,959 shares during the last quarter. Finally, FNY Investment Advisers LLC raised its holdings in shares of First Horizon by 782.8% in the second quarter. FNY Investment Advisers LLC now owns 2,560 shares of the financial services provider’s stock worth $54,000 after buying an additional 2,270 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Up 2.0%

Shares of NYSE:FHN opened at $21.39 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $22.17 and its 200 day moving average price is $21.07. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 0.81 and a beta of 0.67. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $23.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The business had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a stock repurchase program on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s dividend payout ratio is presently 36.36%.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares of the company’s stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

FHN has been the topic of several research reports. Cowen assumed coverage on shares of First Horizon in a report on Wednesday, September 24th. They issued a “hold” rating on the stock. Jefferies Financial Group set a $25.00 price target on First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. JPMorgan Chase & Co. dropped their target price on shares of First Horizon from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Keefe, Bruyette & Woods lowered their price target on First Horizon from $24.00 to $23.00 and set a “market perform” rating on the stock in a research note on Thursday, October 16th. Finally, Barclays upped their price objective on shares of First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $24.47.

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.