Amalgamated Bank Decreases Holdings in First Horizon Co. (NYSE:FHN)

Amalgamated Bank lessened its holdings in shares of First Horizon Co. (NYSE:FHN) by 25.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 256,022 shares of the financial services provider’s stock after selling 86,536 shares during the period. Amalgamated Bank’s holdings in First Horizon were worth $3,976,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in First Horizon in the 2nd quarter valued at $66,779,000. Bank of New York Mellon Corp boosted its stake in shares of First Horizon by 13.6% during 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 position in 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 period. Finally, National Bank of Canada FI lifted its holdings in shares of First Horizon by 499.8% during the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after purchasing an additional 3,340,700 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FHN. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. Evercore ISI upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Barclays boosted their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $18.38.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company’s stock.

First Horizon Price Performance

First Horizon stock opened at $19.69 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The firm’s 50-day simple moving average is $16.44 and its 200 day simple moving average is $15.91. First Horizon Co. has a 52 week low of $10.96 and a 52 week high of $20.11. The firm has a market capitalization of $10.55 billion, a PE ratio of 14.26, a P/E/G ratio of 1.27 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, equities research analysts predict that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon Announces Dividend

The business 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 yield of 3.05%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is 43.48%.

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

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.