Azora Capital LP Has $86.64 Million Stock Position in First Horizon Co. (NYSE:FHN)

Azora Capital LP reduced its stake in shares of First Horizon Co. (NYSE:FHN) by 22.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,579,156 shares of the financial services provider’s stock after selling 1,605,650 shares during the quarter. First Horizon comprises about 4.7% of Azora Capital LP’s investment portfolio, making the stock its 7th biggest position. Azora Capital LP owned 1.05% of First Horizon worth $86,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Millennium Management LLC lifted its stake in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of First Horizon in the second quarter worth approximately $66,779,000. Bank of New York Mellon Corp raised 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 buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First Horizon by 28.8% during the 2nd 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 during the last quarter. Finally, Sculptor Capital LP boosted 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 acquiring an additional 1,570,000 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FHN shares. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Raymond James raised their price target on shares of First Horizon from $19.00 to $22.00 and gave the stock 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 report on Thursday, October 17th. Wedbush downgraded shares of 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 research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.08.

Insider Activity

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was 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 in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Up 0.2 %

First Horizon stock opened at $21.13 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a market cap of $11.20 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.58 and a beta of 0.86. The business has a fifty day moving average of $17.85 and a two-hundred day moving average of $16.45. First Horizon Co. has a twelve month low of $12.40 and a twelve month high of $21.72.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 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 firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period in the previous year, the company posted $0.27 EPS. On average, analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company 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. This represents a $0.60 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

First Horizon announced that its board has approved a share repurchase program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.