Fifth Third Wealth Advisors LLC Cuts Stock Position in First Horizon Co. (NYSE:FHN)

Fifth Third Wealth Advisors LLC decreased its position in shares of First Horizon Co. (NYSE:FHN) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,826 shares of the financial services provider’s stock after selling 863 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in First Horizon were worth $419,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in shares of First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares in the last quarter. Nemes Rush Group LLC increased its stake in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the period. Covestor Ltd lifted its holdings in First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in First Horizon in the 3rd quarter valued at approximately $36,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value 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 represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction dated 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 directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FHN. Raymond James increased their price objective on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Evercore ISI increased their price target on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $23.00 to $22.50 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Finally, Wells Fargo & Company lifted their price target on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.35.

First Horizon Trading Down 0.4 %

Shares of First Horizon stock opened at $21.30 on Friday. The company has a fifty day simple moving average of $20.35 and a 200-day simple moving average of $17.61. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. 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 stock has a market cap of $11.29 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 1.36 and a beta of 0.92.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the business earned $0.32 EPS. On average, equities analysts forecast that First Horizon Co. will post 1.5 EPS for the current fiscal year.

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

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon 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.