Levin Capital Strategies L.P. Acquires Shares of 20,000 First Horizon Corporation $FHN

Levin Capital Strategies L.P. acquired a new stake in First Horizon Corporation (NYSE:FHN) during the second quarter, according to its most recent filing with the SEC. The firm acquired 20,000 shares of the financial services provider’s stock, valued at approximately $424,000.

Other institutional investors also recently modified their holdings of the company. Access Investment Management LLC acquired a new position in shares of First Horizon in the 2nd quarter valued at $1,897,000. Wellington Shields Capital Management LLC increased its stake in shares of First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after acquiring an additional 514 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of First Horizon in the 2nd quarter valued at approximately $280,000. Strs Ohio grew its holdings in First Horizon by 7.3% during the second quarter. Strs Ohio now owns 346,908 shares of the financial services provider’s stock valued at $7,354,000 after purchasing an additional 23,503 shares during the period. Finally, Hantz Financial Services Inc. grew its holdings in First Horizon by 1,579.8% during the second 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 during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Cowen started coverage on shares of First Horizon in a report on Wednesday, September 24th. They issued a “hold” rating on the stock. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday. Bank of America raised their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. decreased their target price on First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, October 16th. Finally, Jefferies Financial Group set a $25.00 price target on First Horizon and gave the stock a “buy” rating in a report on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.47.

First Horizon Price Performance

Shares of NYSE FHN opened at $21.41 on Tuesday. The company has a fifty day moving average price of $22.15 and a 200 day moving average price of $21.10. The firm has a market cap of $10.87 billion, a PE ratio of 12.98, a PEG ratio of 0.81 and a beta of 0.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $23.70.

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 analysts’ consensus estimates of $0.45 by $0.06. The company had revenue of $849.00 million for the quarter, compared to analyst estimates of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 earnings per share. Research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon declared that its board has approved a share buyback program on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. First Horizon’s dividend payout ratio is 36.36%.

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.