Oak Thistle LLC Takes Position in First Horizon Corporation $FHN

Oak Thistle LLC bought a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 82,303 shares of the financial services provider’s stock, valued at approximately $1,861,000.

Other institutional investors have also recently made changes to their positions in the company. Venture Visionary Partners LLC increased its holdings in First Horizon by 4.1% in the 3rd quarter. Venture Visionary Partners LLC now owns 201,589 shares of the financial services provider’s stock worth $4,558,000 after acquiring an additional 7,986 shares in the last quarter. Summit Financial Wealth Advisors LLC boosted its position in shares of First Horizon by 7.3% in the third quarter. Summit Financial Wealth Advisors LLC now owns 105,950 shares of the financial services provider’s stock worth $2,369,000 after purchasing an additional 7,230 shares during the period. Aaron Wealth Advisors LLC purchased a new stake in shares of First Horizon in the third quarter worth $212,000. GAMMA Investing LLC raised its position in shares of First Horizon by 6.0% during the 3rd quarter. GAMMA Investing LLC now owns 16,169 shares of the financial services provider’s stock valued at $366,000 after purchasing an additional 920 shares during the period. Finally, Orion Porfolio Solutions LLC lifted its stake in shares of First Horizon by 11.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 55,851 shares of the financial services provider’s stock valued at $1,184,000 after buying an additional 5,945 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 0.7%

Shares of FHN opened at $23.85 on Thursday. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $24.11. 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 business has a fifty day moving average of $21.88 and a 200 day moving average of $21.81. The company has a market cap of $11.74 billion, a PE ratio of 14.45, a P/E/G ratio of 0.92 and a beta of 0.62.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.45 by $0.06. The company had revenue of $893.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. On average, sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s payout ratio is currently 36.36%.

First Horizon declared that its Board of Directors has approved a share repurchase program on Monday, October 27th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Horizon in a research note on Monday. Truist Financial boosted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. Royal Bank Of Canada lifted their price objective on shares of First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. DA Davidson reissued a “neutral” rating and issued a $24.00 target price on shares of First Horizon in a report on Thursday, October 16th. Finally, Baird R W cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Nine research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average price target of $25.18.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president directly owned 307,432 shares in the company, valued at $6,551,375.92. This represents a 33.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer directly owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. 0.87% of the stock is owned by insiders.

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.