Capital Square LLC Sells 2,825 Shares of First Horizon Co. (NYSE:FHN)

Capital Square LLC lowered its position in First Horizon Co. (NYSE:FHN) by 2.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 128,991 shares of the financial services provider’s stock after selling 2,825 shares during the quarter. First Horizon makes up about 1.2% of Capital Square LLC’s investment portfolio, making the stock its 19th largest position. Capital Square LLC’s holdings in First Horizon were worth $2,003,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FHN. Millennium Management LLC boosted its position in shares of 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 worth $226,626,000 after acquiring an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of First Horizon in the second quarter worth about $66,779,000. Bank of New York Mellon Corp increased its holdings in shares of First Horizon by 13.6% in 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 during the last quarter. 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 worth $244,647,000 after buying an additional 3,470,346 shares in the last quarter. Finally, Sculptor Capital LP grew its holdings in First Horizon by 18.2% during the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after buying an additional 1,570,000 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 3.2 %

Shares of FHN traded up $0.67 during midday trading on Monday, reaching $21.60. 751,649 shares of the stock were exchanged, compared to its average volume of 6,585,789. 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’s 50 day moving average is $17.32 and its two-hundred day moving average is $16.27. The company has a market capitalization of $11.45 billion, a P/E ratio of 15.17, a PEG ratio of 1.56 and a beta of 0.86. First Horizon Co. has a 52 week low of $11.87 and a 52 week high of $21.72.

First Horizon (NYSE:FHN) last issued its 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 net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. During the same period in the prior year, the business earned $0.27 EPS. On average, sell-side analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is 43.48%.

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

Analysts Set New Price Targets

FHN has been the subject of several research analyst reports. Evercore ISI raised their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Raymond James raised their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. JPMorgan Chase & Co. cut their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Barclays lifted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.38.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon 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 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 Securities & Exchange Commission, which is accessible through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred 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 sale, 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 company insiders.

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 Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.