First Interstate Bank Makes New $803,000 Investment in First Horizon Corporation $FHN

First Interstate Bank acquired a new position in shares of First Horizon Corporation (NYSE:FHN) in the third quarter, HoldingsChannel reports. The firm acquired 35,500 shares of the financial services provider’s stock, valued at approximately $803,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Navigoe LLC purchased a new stake in First Horizon in the third quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new stake in shares of First Horizon during the third quarter valued at approximately $31,000. Kestra Investment Management LLC increased its stake in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its position in shares of First Horizon by 1,579.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 1,959 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.9%

Shares of FHN opened at $23.89 on Wednesday. The company has a 50-day simple moving average of $23.31 and a 200-day simple moving average of $22.48. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $24.91. The firm has a market capitalization of $11.77 billion, a P/E ratio of 12.71, a P/E/G ratio of 0.91 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter last year, the company earned $0.43 earnings per share. On average, equities research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon declared that its board has authorized a stock repurchase plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, December 12th. First Horizon’s dividend payout ratio is 31.91%.

Insider Activity

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the transaction, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the transaction, the executive vice president directly owned 307,432 shares in the company, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their position. The SEC filing for this sale provides additional information. 1.04% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FHN shares. The Goldman Sachs Group set a $27.00 price target on shares of First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Truist Financial set a $27.00 price objective on shares of First Horizon in a research note on Friday, January 9th. Wells Fargo & Company lowered their price objective on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Jefferies Financial Group set a $25.00 price target on First Horizon and gave the company a “buy” rating in a research report on Wednesday, October 15th. Finally, Robert W. Baird reissued a “neutral” rating and set a $25.00 target price on shares of First Horizon in a research note on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.