First Horizon Co. (NYSE:FHN) Shares Sold by Janus Henderson Group PLC

Janus Henderson Group PLC cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 0.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 240,648 shares of the financial services provider’s stock after selling 1,252 shares during the period. Janus Henderson Group PLC’s holdings in First Horizon were worth $3,734,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. grew its position in First Horizon by 365.0% in the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the last quarter. Family Firm Inc. acquired a new position in First Horizon in the 2nd quarter valued at about $28,000. Nemes Rush Group LLC raised its stake in 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 valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in First Horizon in the 2nd quarter valued at about $31,000. Finally, Covestor Ltd increased its stake in shares of First Horizon by 44.0% during the 3rd 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.

Insider Transactions at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the 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 represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP David T. Popwell sold 100,974 shares of the firm’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 sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FHN. Wells Fargo & Company boosted their target price on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Stephens increased their target price on First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Evercore ISI upped their price target on 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. dropped their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group increased their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.69.

First Horizon Trading Up 2.1 %

Shares of FHN stock opened at $20.60 on Thursday. The stock has a 50-day simple moving average of $18.68 and a 200 day simple moving average of $16.71. 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 market capitalization of $10.92 billion, a P/E ratio of 14.93, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter last year, the company posted $0.27 EPS. On average, sell-side 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 authorized 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 buy up to 10.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

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.