First Horizon Co. (NYSE:FHN) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. decreased its position in shares of First Horizon Co. (NYSE:FHN) by 2.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 3,605,222 shares of the financial services provider’s stock after selling 78,960 shares during the period. Charles Schwab Investment Management Inc.’s holdings in First Horizon were worth $55,989,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC lifted its position in shares of First Horizon by 13.1% during the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after purchasing an additional 100,359 shares in the last quarter. Greenwood Capital Associates LLC increased its stake in First Horizon by 10.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after buying an additional 42,793 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in First Horizon by 127.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock worth $1,644,000 after buying an additional 59,258 shares in the last quarter. Entropy Technologies LP purchased a new position in First Horizon in the 3rd quarter valued at approximately $2,669,000. Finally, KBC Group NV grew its stake in shares of First Horizon by 240.5% in the third quarter. KBC Group NV now owns 47,724 shares of the financial services provider’s stock worth $741,000 after acquiring an additional 33,708 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Raymond James increased their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Finally, Barclays lifted their price target 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. Seven investment 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 $18.71.

First Horizon Price Performance

Shares of FHN opened at $21.13 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 1-year low of $12.40 and a 1-year high of $21.72. The stock has a market cap of $11.20 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 1.57 and a beta of 0.86. The firm has a fifty day moving average price of $17.85 and a 200 day moving average price of $16.45.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate 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 in the previous year, the business earned $0.27 EPS. As a group, sell-side analysts anticipate that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.84%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

First Horizon declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

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.