United Services Automobile Association Sells 7,463 Shares of First Horizon Co. (NYSE:FHN)

United Services Automobile Association trimmed its stake in First Horizon Co. (NYSE:FHN) by 16.9% during the third quarter, Holdings Channel reports. The fund owned 36,599 shares of the financial services provider’s stock after selling 7,463 shares during the period. United Services Automobile Association’s holdings in First Horizon were worth $568,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of FHN. CIBC Asset Management Inc raised its holdings in shares of First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after purchasing an additional 559 shares during the period. Covestor Ltd increased its position in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares during the last quarter. Access Investment Management LLC raised its stake in shares of First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after buying an additional 715 shares during the period. CreativeOne Wealth LLC lifted its position in shares of First Horizon by 7.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after buying an additional 773 shares during the last quarter. Finally, Simplicity Wealth LLC lifted its position in shares of First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after buying an additional 786 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, 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 document filed with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the director now owns 166,840 shares in the company, valued at approximately $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. Company insiders own 0.87% of the company’s stock.

First Horizon Trading Up 0.4 %

Shares of FHN opened at $20.69 on Monday. 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 $12.95 and a 1-year high of $21.72. The company has a market capitalization of $10.97 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.54 and a beta of 0.91. The firm’s 50 day simple moving average is $18.38 and its 200 day simple moving average is $16.62.

First Horizon (NYSE:FHN) last announced its quarterly earnings data 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. The firm had revenue of $1.32 billion for 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 period in the prior year, the company earned $0.27 EPS. Sell-side analysts forecast 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 approved a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.90%. First Horizon’s dividend payout ratio (DPR) is currently 43.48%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FHN. Evercore ISI boosted their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their price target on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company raised their price objective on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Raymond James raised their price target on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.46.

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.