Woodmont Investment Counsel LLC Purchases New Shares in First Horizon Co. (NYSE:FHN)

Woodmont Investment Counsel LLC acquired a new stake in shares of First Horizon Co. (NYSE:FHN) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 10,612 shares of the financial services provider’s stock, valued at approximately $165,000.

A number of other hedge funds have also recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of First Horizon in the 2nd quarter worth approximately $66,779,000. Bank of New York Mellon Corp grew its holdings in shares of First Horizon by 13.6% in the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Finally, National Bank of Canada FI lifted its holdings in First Horizon by 499.8% during the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after acquiring an additional 3,340,700 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FHN shares. JPMorgan Chase & Co. reduced their price objective on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Barclays lifted their price objective on shares of First Horizon from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Evercore ISI increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $17.92.

First Horizon Stock Performance

NYSE:FHN opened at $19.60 on Friday. First Horizon Co. has a 52-week low of $10.96 and a 52-week high of $20.11. The business’s fifty day moving average is $16.37 and its 200 day moving average is $15.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.27 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the prior year, the firm posted $0.27 earnings per share. Research analysts predict that First Horizon Co. will post 1.48 EPS for the current year.

First Horizon declared that its Board of Directors has authorized a share repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

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 3.06%. First Horizon’s payout ratio is currently 43.48%.

First Horizon Company 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.