Qsemble Capital Management LP Buys 82,978 Shares of First Horizon Co. (NYSE:FHN)

26 Nov 2024, 07:42 by Teresa Graham · The Cerbat Gem

Qsemble Capital Management LP boosted its position in First Horizon Co. (NYSE:FHN – Free Report) by 480.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 100,260 shares of the financial services provider’s stock after buying an additional 82,978 shares during the quarter. Qsemble Capital Management LP’s holdings in First Horizon were worth $1,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. increased its stake in shares of 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 worth $26,000 after purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. purchased a new stake in shares of First Horizon in the second quarter worth about $28,000. Nemes Rush Group LLC grew its stake 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 acquiring an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. purchased a new stake in First Horizon in the 2nd quarter worth approximately $31,000. Finally, Covestor Ltd boosted its holdings in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FHN shares. Stephens boosted their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Royal Bank of Canada raised their price target on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Raymond James raised their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Evercore ISI boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.38.

View Our Latest Analysis on FHN

First Horizon Price Performance

Shares of FHN stock opened at $21.43 on Tuesday. 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 Co. has a fifty-two week low of $11.87 and a fifty-two week high of $21.72. The firm has a market cap of $11.36 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.56 and a beta of 0.86. The business’s 50 day moving average price is $17.43 and its 200-day moving average price is $16.31.

First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. On average, equities research analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon declared that its Board of Directors has authorized a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.80%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

About First Horizon

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