State Street Corp lifted its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 18.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,236,784 shares of the financial services provider's stock after acquiring an additional 4,116,486 shares during the quarter. State Street Corp owned 4.95% of First Horizon worth $410,789,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Citigroup Inc. increased its holdings in First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock worth $14,724,000 after purchasing an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in First Horizon by 13.1% in the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock valued at $13,482,000 after acquiring an additional 100,359 shares in the last quarter. Allen Capital Group LLC boosted its stake in First Horizon by 128.4% during the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after acquiring an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC grew its holdings in First Horizon by 10.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock worth $7,229,000 after acquiring an additional 42,793 shares in the last quarter. Finally, Entropy Technologies LP bought a new stake in shares of First Horizon in the 3rd quarter worth about $2,669,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Shares of FHN stock opened at $20.11 on Tuesday. First Horizon Co. has a 1 year low of $12.95 and a 1 year high of $21.72. The firm has a market capitalization of $10.66 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The stock has a fifty day moving average of $18.47 and a two-hundred day moving average of $16.65. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same quarter in the prior year, the firm posted $0.27 EPS. As a group, research analysts expect that First Horizon Co. will post 1.49 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.98%. First Horizon's dividend payout ratio is presently 43.48%.

First Horizon announced that its board has authorized a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Several equities analysts have recently commented on FHN shares. JPMorgan Chase & Co. decreased their price target 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. Royal Bank of Canada lifted their target price on First Horizon from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Stephens upped their price target on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Evercore ISI raised their price objective on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their target price on shares of First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $19.46.

Get Our Latest Stock Report on First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the sale, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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