First Horizon Co. (NYSE:FHN) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. reduced its position in shares of First Horizon Co. (NYSE:FHN) by 25.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,070 shares of the financial services provider’s stock after selling 50,313 shares during the period. First Horizon Advisors Inc.’s holdings in First Horizon were worth $2,040,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in FHN. Xponance Inc. lifted its holdings in shares of First Horizon by 2.6% in the 3rd quarter. Xponance Inc. now owns 67,427 shares of the financial services provider’s stock valued at $743,000 after buying an additional 1,680 shares during the period. Stratos Wealth Partners LTD. acquired a new position in shares of First Horizon during the 3rd quarter worth $113,000. Independent Advisor Alliance acquired a new position in shares of First Horizon during the 3rd quarter worth $593,000. KMG Fiduciary Partners LLC increased its holdings in shares of First Horizon by 5.4% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 179,492 shares of the financial services provider’s stock valued at $1,978,000 after purchasing an additional 9,182 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its stake in shares of First Horizon by 8.8% in the third quarter. New York State Teachers Retirement System now owns 640,439 shares of the financial services provider’s stock valued at $7,058,000 after purchasing an additional 51,979 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN opened at $15.80 on Friday. First Horizon Co. has a 1 year low of $8.99 and a 1 year high of $15.96. The company’s 50 day simple moving average is $14.76 and its 200 day simple moving average is $13.69. The stock has a market capitalization of $8.77 billion, a PE ratio of 11.05, a P/E/G ratio of 4.30 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. As a group, sell-side analysts expect that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon declared that its board has authorized a stock buyback plan on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.80%. First Horizon’s dividend payout ratio is currently 41.96%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Evercore ISI upped their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Finally, Robert W. Baird boosted their price objective on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

About First Horizon

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.