ProShare Advisors LLC Purchases 20,703 Shares of First Horizon Corporation $FHN

ProShare Advisors LLC lifted its position in shares of First Horizon Corporation (NYSE:FHN) by 92.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,192 shares of the financial services provider’s stock after acquiring an additional 20,703 shares during the quarter. ProShare Advisors LLC’s holdings in First Horizon were worth $977,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FHN. Mitsubishi UFJ Trust & Banking Corp grew its holdings in First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after purchasing an additional 47,119 shares during the period. First Horizon Corp bought a new position in shares of First Horizon during the third quarter worth $2,361,000. Allianz Asset Management GmbH acquired a new position in shares of First Horizon in the 3rd quarter valued at $6,416,000. Voya Investment Management LLC increased its position in shares of First Horizon by 301.4% in the 3rd quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after buying an additional 172,599 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in First Horizon during the 3rd quarter worth $1,211,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $24.58 on Monday. First Horizon Corporation has a 12 month low of $15.19 and a 12 month high of $26.56. The company’s fifty day simple moving average is $24.41 and its 200-day simple moving average is $22.84. The firm has a market cap of $12.10 billion, a PE ratio of 13.07, a P/E/G ratio of 0.93 and a beta of 0.63. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

First Horizon declared that its Board of Directors has authorized a share buyback program on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, March 13th. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio is currently 31.91%.

Insider Transactions at First Horizon

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president directly owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.04% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Stephens increased their price target on First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. JPMorgan Chase & Co. increased their target price on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Zacks Research raised shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. Barclays increased their price objective on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $26.63.

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.