First Horizon Co. (NYSE:FHN) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its position in First Horizon Co. (NYSE:FHN) by 11.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,297 shares of the financial services provider’s stock after selling 776 shares during the quarter. Fifth Third Bancorp’s holdings in First Horizon were worth $127,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. Versant Capital Management Inc increased 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 acquiring an additional 884 shares during the last quarter. UMB Bank n.a. increased its holdings in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. Covestor Ltd raised its position in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 651 shares in the last quarter. True Wealth Design LLC purchased a new position in shares of First Horizon during the 3rd quarter valued at approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after buying an additional 2,000 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. The Goldman Sachs Group upped their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. boosted their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Barclays lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.04.

First Horizon Trading Down 0.1 %

Shares of NYSE:FHN opened at $21.91 on Friday. The stock has a market capitalization of $11.62 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 1.22 and a beta of 0.92. First Horizon Co. has a 1-year low of $13.45 and a 1-year high of $22.11. The company has a 50 day moving average price of $20.66 and a 200 day moving average price of $18.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping 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 quarter last year, the firm posted $0.32 earnings per share. On average, research analysts anticipate that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 2.74%. First Horizon’s dividend payout ratio is currently 44.12%.

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

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,974 shares of the 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 completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 220,954 shares of company stock worth $4,519,333. Company insiders own 0.87% of the company’s stock.

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.