Harbor Capital Advisors Inc. grew its stake in First Horizon Co. (NYSE:FHN - Free Report) by 127.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 105,866 shares of the financial services provider's stock after purchasing an additional 59,258 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in First Horizon were worth $1,644,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. UMB Bank n.a. lifted its stake in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock valued at $26,000 after buying an additional 1,325 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon in the 1st quarter valued at approximately $28,000. Family Firm Inc. bought a new position in First Horizon during the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC grew its holdings in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 1,378 shares during the period. Finally, Industrial Alliance Investment Management Inc. bought a new stake in First Horizon in the second quarter valued at approximately $31,000. 80.28% of the stock is currently owned by institutional investors.
Shares of NYSE:FHN opened at $17.27 on Wednesday. The stock has a market capitalization of $9.25 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.29 and a beta of 0.86. The company's 50-day moving average price is $16.22 and its two-hundred day moving average price is $15.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.84 and a quick ratio of 0.95. First Horizon Co. has a one year low of $10.96 and a one year high of $17.93.
First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the prior year, the company posted $0.27 earnings per share. On average, equities analysts forecast that First Horizon Co. will post 1.48 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.47%. First Horizon's dividend payout ratio is presently 43.48%.
First Horizon declared that its Board of Directors has authorized a share repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.
Several equities analysts have recently issued reports on the stock. Barclays boosted their price target on shares of First Horizon from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Stephens boosted their target price on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. JPMorgan Chase & Co. decreased their price objective on First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Finally, Robert W. Baird set a $17.00 target price on shares of First Horizon in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $17.92.
View Our Latest Report on 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.
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