Fifth Third Wealth Advisors LLC Cuts Stake in First Horizon Co. (NYSE:FHN)

Fifth Third Wealth Advisors LLC lessened its position in First Horizon Co. (NYSE:FHN) by 4.0% in the 4th quarter, Holdings Channel reports. The fund owned 20,826 shares of the financial services provider’s stock after selling 863 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in First Horizon were worth $419,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in FHN. UMB Bank n.a. lifted its position in First Horizon by 365.0% in 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 during the period. Nemes Rush Group LLC lifted its holdings 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 valued at $29,000 after buying an additional 1,378 shares during the period. Versant Capital Management Inc lifted its holdings in shares of First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the period. Covestor Ltd grew its holdings in First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 651 shares during the period. Finally, True Wealth Design LLC purchased a new position in First Horizon in the third quarter worth $36,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.4 %

Shares of NYSE:FHN opened at $21.30 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $11.29 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.36 and a beta of 0.92. First Horizon Co. has a 52-week low of $12.95 and a 52-week high of $21.72. The stock’s fifty day simple moving average is $20.35 and its 200-day simple moving average is $17.61.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period last year, the business posted $0.32 EPS. As a group, equities research analysts forecast that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th were paid a $0.15 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.82%. First Horizon’s payout ratio is currently 43.48%.

First Horizon declared that its Board of Directors has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FHN shares. The Goldman Sachs Group raised their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $23.00 to $22.50 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Barclays increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. UBS Group started coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.35.

Insider Buying and Selling at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’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 of the company’s stock, valued at approximately $10,278,937.02. This represents 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 insiders.

First Horizon Company 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.