First Horizon Co. (NYSE:FHN) Shares Sold by Pitcairn Co.

Pitcairn Co. cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 6.5% in the third quarter, HoldingsChannel reports. The firm owned 21,715 shares of the financial services provider’s stock after selling 1,517 shares during the period. Pitcairn Co.’s holdings in First Horizon were worth $337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP raised its position in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Millennium Management LLC lifted its holdings in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the period. LSV Asset Management boosted its position in First Horizon by 5.2% in the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares in the last quarter. Finally, Sculptor Capital LP grew its stake in shares of First Horizon by 18.2% during the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after purchasing an additional 1,570,000 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Down 1.0 %

Shares of FHN stock opened at $21.21 on Wednesday. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $21.72. 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 stock’s fifty day moving average is $17.43 and its two-hundred day moving average is $16.31. The firm has a market capitalization of $11.24 billion, a P/E ratio of 15.36, a PEG ratio of 1.56 and a beta of 0.86.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the firm posted $0.27 earnings per share. Research analysts expect that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a share 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 buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Insider Buying and Selling

In other news, EVP David T. Popwell sold 100,974 shares of the 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 sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FHN. Evercore ISI boosted their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada increased their target price on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. cut their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Raymond James increased their price target on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group boosted their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

About First Horizon

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.