Moors & Cabot Inc. Trims Stock Position in First Horizon Co. (NYSE:FHN)

Moors & Cabot Inc. trimmed its holdings in First Horizon Co. (NYSE:FHN) by 10.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 37,350 shares of the financial services provider’s stock after selling 4,136 shares during the period. Moors & Cabot Inc.’s holdings in First Horizon were worth $580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Ontario Teachers Pension Plan Board acquired a new position in shares of First Horizon in the 3rd quarter valued at $449,000. Factorial Partners LLC lifted its position in First Horizon by 6.9% in the third quarter. Factorial Partners LLC now owns 177,500 shares of the financial services provider’s stock valued at $2,757,000 after buying an additional 11,500 shares during the last quarter. Prospera Financial Services Inc boosted its stake in First Horizon by 56.9% during the third quarter. Prospera Financial Services Inc now owns 46,504 shares of the financial services provider’s stock worth $722,000 after buying an additional 16,872 shares during the period. Quest Partners LLC boosted its stake in First Horizon by 133.6% during the third quarter. Quest Partners LLC now owns 161,046 shares of the financial services provider’s stock worth $2,501,000 after buying an additional 92,106 shares during the period. Finally, AMG National Trust Bank increased its position in shares of First Horizon by 106.0% during the third quarter. AMG National Trust Bank now owns 91,620 shares of the financial services provider’s stock valued at $1,423,000 after acquiring an additional 47,152 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FHN shares. Royal Bank of Canada increased their price objective on shares of First Horizon from $19.00 to $20.00 and gave the stock 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 research note on Thursday, October 17th. Barclays increased their target price on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Stephens lifted their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.38.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 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 trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

First Horizon Price Performance

Shares of FHN opened at $20.93 on Friday. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 1.50 and a beta of 0.86. The firm’s fifty day simple moving average is $17.32 and its 200-day simple moving average is $16.26. First Horizon Co. has a twelve month low of $11.87 and a twelve month high of $21.01. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $821.63 million. During the same period last year, the firm earned $0.27 earnings per share. Equities analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

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 paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.87%. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its Board of Directors has authorized a share buyback plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.