Phocas Financial Corp. Cuts Stake in First Horizon Co. (NYSE:FHN)

19 Nov 2024, 13:20 by Mitch Edgeman · The Markets Daily

Phocas Financial Corp. lessened its stake in shares of First Horizon Co. (NYSE:FHN – Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 533,295 shares of the financial services provider’s stock after selling 33,411 shares during the period. Phocas Financial Corp. owned approximately 0.10% of First Horizon worth $8,282,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Millennium Management LLC lifted its position in First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. purchased a new position in First Horizon in the second quarter worth approximately $66,779,000. Bank of New York Mellon Corp lifted its position in shares of 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 worth $510,782,000 after purchasing an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP grew its stake 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 worth $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of First Horizon by 499.8% during the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after acquiring an additional 3,340,700 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of NYSE FHN opened at $20.30 on Tuesday. First Horizon Co. has a 12-month low of $11.87 and a 12-month high of $20.53. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market cap of $10.76 billion, a PE ratio of 14.71, a P/E/G ratio of 1.52 and a beta of 0.86. The stock has a 50 day simple moving average of $16.94 and a 200-day simple moving average of $16.14.

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 (EPS) 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 company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the prior year, the business posted $0.27 earnings per share. On average, equities research analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon declared that its board has approved a stock buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.96%. First Horizon’s dividend payout ratio (DPR) is 43.48%.

Insider Transactions at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’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 completion of the sale, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on 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 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 position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FHN. Raymond James lifted their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Stephens lifted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Barclays upped their price target on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Evercore ISI lifted 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, Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Check Out Our Latest Research Report on FHN

First Horizon Profile

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