Pitcairn Co. Sells 696 Shares of First Horizon Co. (NYSE:FHN)

Pitcairn Co. lowered its stake in First Horizon Co. (NYSE:FHN) by 3.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,019 shares of the financial services provider’s stock after selling 696 shares during the period. Pitcairn Co.’s holdings in First Horizon were worth $423,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake 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 worth $747,822,000 after purchasing an additional 7,715,191 shares during the period. Norges Bank bought a new position in shares of First Horizon in the fourth quarter worth approximately $132,418,000. Raymond James Financial Inc. purchased a new position in shares of First Horizon in the fourth quarter worth $102,467,000. State Street Corp raised its holdings in First Horizon by 18.6% during the 3rd 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. boosted its position in First Horizon by 160.1% during the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after buying an additional 3,400,811 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN stock opened at $16.16 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a 50 day moving average price of $20.36 and a 200-day moving average price of $19.42. First Horizon Co. has a 52-week low of $13.72 and a 52-week high of $22.44. The firm has a market capitalization of $8.31 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business earned $0.32 earnings per share. Equities research analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.71%. First Horizon’s dividend payout ratio is currently 44.12%.

Insiders Place Their Bets

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This trade 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 is available at the SEC website. Corporate insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price objective 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. Raymond James lowered their price target on First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday. Barclays lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Stephens restated an “overweight” rating and set a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. 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. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $22.23.

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.