Schroder Investment Management Group Sells 578,511 Shares of First Horizon Co. (NYSE:FHN)

Schroder Investment Management Group cut its stake in shares of First Horizon Co. (NYSE:FHN) by 40.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 862,975 shares of the financial services provider’s stock after selling 578,511 shares during the quarter. Schroder Investment Management Group’s holdings in First Horizon were worth $17,389,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in First Horizon by 26.2% in the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after acquiring an additional 7,715,191 shares in the last quarter. Norges Bank purchased a new position in shares of First Horizon in the fourth quarter worth $132,418,000. Raymond James Financial Inc. bought a new position in shares of First Horizon during the fourth quarter valued at $102,467,000. State Street Corp boosted its position in shares of First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in First Horizon by 160.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock worth $111,270,000 after buying an additional 3,400,811 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. UBS Group assumed coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price on the stock. StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Monday. Citigroup raised their price target on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Bank of America upped their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.23.

First Horizon Stock Up 2.6 %

Shares of FHN stock opened at $19.64 on Thursday. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.19 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company’s fifty day moving average price is $20.53 and its 200-day moving average price is $19.41. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the business earned $0.32 EPS. Sell-side analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.15 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 3.05%. First Horizon’s payout ratio is 44.12%.

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.