Mutual of America Capital Management LLC Reduces Stock Position in First Horizon Co. (NYSE:FHN)

Mutual of America Capital Management LLC decreased its holdings in First Horizon Co. (NYSE:FHN) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 289,625 shares of the financial services provider’s stock after selling 23,482 shares during the period. Mutual of America Capital Management LLC owned about 0.05% of First Horizon worth $4,498,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in FHN. UMB Bank n.a. raised its stake in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 1,325 shares in the last quarter. Family Firm Inc. purchased a new stake in shares of First Horizon in the 2nd quarter worth $28,000. Nemes Rush Group LLC grew its position in shares of 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 in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of First Horizon during the 2nd quarter worth $31,000. Finally, Covestor Ltd increased its stake in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction on 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 owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

First Horizon Stock Down 1.1 %

FHN stock opened at $19.88 on Thursday. First Horizon Co. has a one year low of $11.87 and a one year high of $20.53. 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’s fifty day moving average is $17.13 and its 200 day moving average is $16.20. The firm has a market cap of $10.54 billion, a PE ratio of 14.41, a P/E/G ratio of 1.52 and a beta of 0.86.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period last year, the firm earned $0.27 EPS. On average, research analysts forecast that First Horizon Co. will post 1.49 EPS for the current year.

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 shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

Analyst Ratings Changes

A number of analysts recently weighed in on FHN shares. Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Stephens upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Barclays boosted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.38.

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.