First Horizon Advisors Inc. Sells 9,600 Shares of First Horizon Co. (NYSE:FHN)

by · The Cerbat Gem

First Horizon Advisors Inc. decreased its stake in First Horizon Co. (NYSE:FHN – Free Report) by 7.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,922 shares of the financial services provider’s stock after selling 9,600 shares during the quarter. First Horizon Advisors Inc.’s holdings in First Horizon were worth $1,925,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FHN. Millennium Management LLC increased its stake in shares of First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in First Horizon in the 2nd quarter worth $66,779,000. Bank of New York Mellon Corp raised its holdings in First Horizon by 13.6% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of First Horizon by 28.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Finally, Sculptor Capital LP boosted its stake in shares of First Horizon by 18.2% in the second quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after acquiring an additional 1,570,000 shares during the period. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Barclays lifted their target price on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Evercore ISI increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, Stephens lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. 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.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Read Our Latest Research Report on First Horizon

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value 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 $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Stock Performance

FHN stock opened at $19.88 on Thursday. First Horizon Co. has a twelve month low of $11.87 and a twelve month high of $20.53. The business’s fifty day simple moving average is $17.13 and its two-hundred day simple moving average is $16.20. The firm has a market cap of $10.54 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.52 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN – Get Free Report) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the prior year, the business earned $0.27 EPS. Analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

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 given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is currently 43.48%.

First Horizon declared that its Board of Directors has authorized a share repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

First Horizon Profile

(Free Report)

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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