Los Angeles Capital Management LLC lessened its stake in shares of First Horizon Co. (NYSE:FHN) by 17.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,964 shares of the financial services provider’s stock after selling 15,490 shares during the period. Los Angeles Capital Management LLC’s holdings in First Horizon were worth $944,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its position in shares of First Horizon by 40.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 89,610 shares of the financial services provider’s stock valued at $845,000 after acquiring an additional 25,586 shares during the last quarter. Avantax Advisory Services Inc. purchased a new position in shares of First Horizon in the 3rd quarter worth $132,000. Nisa Investment Advisors LLC grew its stake in shares of First Horizon by 33.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 143,376 shares of the financial services provider’s stock worth $1,352,000 after buying an additional 36,236 shares in the last quarter. World Asset Management Inc grew its position in First Horizon by 75.4% in the third quarter. World Asset Management Inc now owns 22,075 shares of the financial services provider’s stock worth $208,000 after acquiring an additional 9,489 shares in the last quarter. Finally, LSV Asset Management grew its position in First Horizon by 28.0% in the third quarter. LSV Asset Management now owns 6,133,540 shares of the financial services provider’s stock worth $57,839,000 after acquiring an additional 1,339,912 shares in the last quarter. 81.93% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Elizabeth A. Ardoin sold 6,274 shares of the company’s stock in a transaction on Friday, December 4th. The stock was sold at an average price of $13.06, for a total transaction of $81,938.44. Following the completion of the sale, the executive vice president now directly owns 223,125 shares in the company, valued at approximately $2,914,012.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO D Bryan Jordan sold 97,149 shares of the stock in a transaction dated Thursday, February 11th. The shares were sold at an average price of $15.62, for a total transaction of $1,517,467.38. Following the sale, the chief executive officer now directly owns 941,541 shares of the company’s stock, valued at $14,706,870.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 248,690 shares of company stock valued at $3,719,730. 2.00% of the stock is owned by insiders.
First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 21st. The financial services provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.13. First Horizon had a return on equity of 7.78% and a net margin of 23.18%. During the same period in the previous year, the business posted $0.47 earnings per share. Analysts forecast that First Horizon Co. will post 0.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 1st. Investors of record on Friday, March 12th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Thursday, March 11th. First Horizon’s dividend payout ratio (DPR) is presently 36.14%.
A number of brokerages have recently commented on FHN. Zacks Investment Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating and set a $15.00 target price for the company in a report on Tuesday, December 29th. Raymond James lifted their price objective on shares of First Horizon from $13.00 to $17.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 7th. Morgan Stanley lifted their price target on shares of First Horizon from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 27th. Finally, TheStreet raised shares of First Horizon from a “c+” rating to a “b-” rating in a research note on Thursday, November 12th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $13.23.
First Horizon Company Profile
First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. It offers general banking services for consumers, businesses, financial institutions, and governments.
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