First Horizon Co. (NYSE:FHN) Stock Position Trimmed by Azora Capital LP

Azora Capital LP trimmed its position in First Horizon Co. (NYSE:FHN) by 22.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,579,156 shares of the financial services provider’s stock after selling 1,605,650 shares during the quarter. First Horizon makes up about 4.7% of Azora Capital LP’s portfolio, making the stock its 7th largest position. Azora Capital LP’s holdings in First Horizon were worth $86,644,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Millennium Management LLC increased its holdings in First Horizon by 46.5% in the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after buying an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of First Horizon in the 2nd quarter valued at $66,779,000. Bank of New York Mellon Corp boosted 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 acquiring an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of First Horizon by 28.8% in the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after acquiring an additional 3,470,346 shares during the period. Finally, Sculptor Capital LP raised its holdings in shares of First Horizon by 18.2% during the second 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 last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

FHN has been the topic of several recent research reports. Barclays upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. The Goldman Sachs Group upped their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Stephens raised their target price on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Raymond James upped their price objective on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.08.

First Horizon Trading Up 0.2 %

Shares of FHN opened at $21.13 on Monday. The firm’s fifty day moving average is $17.85 and its two-hundred day moving average is $16.45. The stock has a market cap of $11.20 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 1.58 and a beta of 0.86. 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 Co. has a 52-week low of $12.40 and a 52-week high of $21.72.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (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 during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the prior year, the company earned $0.27 EPS. Research analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.84%. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon announced that its Board of Directors has initiated a share 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 reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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. 0.87% of the stock is currently owned by company insiders.

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.