XTX Topco Ltd Sells 18,372 Shares of First Horizon Co. (NYSE:FHN)

XTX Topco Ltd lessened its stake in shares of First Horizon Co. (NYSE:FHN) by 59.4% during the 3rd quarter, Holdings Channel reports. The fund owned 12,549 shares of the financial services provider’s stock after selling 18,372 shares during the period. XTX Topco Ltd’s holdings in First Horizon were worth $195,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. UMB Bank n.a. boosted its position in 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 purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. bought a new stake in shares of First Horizon in the 2nd quarter valued at about $28,000. Nemes Rush Group LLC grew its position in shares of First Horizon by 306.2% in 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 during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of First Horizon during the 2nd quarter worth approximately $31,000. Finally, Covestor Ltd lifted its position in 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 acquiring an additional 651 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

First Horizon Stock Performance

NYSE FHN opened at $19.27 on Friday. The firm has a market capitalization of $10.22 billion, a P/E ratio of 13.96, a PEG ratio of 1.54 and a beta of 0.91. First Horizon Co. has a fifty-two week low of $12.95 and a fifty-two week high of $21.72. The stock has a 50-day simple moving average of $19.20 and a two-hundred day simple moving average of $16.88. 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 results on Wednesday, October 16th. The financial services provider reported $0.42 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 analyst estimates of $821.63 million. During the same quarter last year, the business earned $0.27 earnings per share. On average, equities analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon announced that its Board of Directors has approved 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 a sign that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.11%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is presently 43.48%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. UBS Group started coverage on shares of First Horizon in a report on Tuesday. They issued a “buy” rating and a $25.00 price target on the stock. Stephens upped their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays raised their price target on First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Evercore ISI upped their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $20.85.

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.