First Horizon Co. (NYSE:FHN) Shares Sold by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC lessened its stake in shares of First Horizon Co. (NYSE:FHN) by 67.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 153,764 shares of the financial services provider’s stock after selling 311,749 shares during the quarter. Greenwood Capital Associates LLC’s holdings in First Horizon were worth $3,097,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FHN. State Street Corp raised its holdings in shares of First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after purchasing an additional 4,116,486 shares in the last quarter. Geode Capital Management LLC boosted its stake in First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after purchasing an additional 61,397 shares during the period. Point72 Asset Management L.P. purchased a new position in First Horizon during the 3rd quarter worth approximately $39,242,000. Barclays PLC lifted its holdings in shares of First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock valued at $29,301,000 after purchasing an additional 1,185,772 shares in the last quarter. Finally, Citigroup Inc. boosted its position in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after buying an additional 285,108 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Performance

Shares of NYSE FHN opened at $21.69 on Tuesday. The business’s 50-day simple moving average is $20.66 and its 200-day simple moving average is $18.12. First Horizon Co. has a 52 week low of $13.45 and a 52 week high of $22.10. 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 firm has a market cap of $11.50 billion, a price-to-earnings ratio of 15.88, a P/E/G ratio of 1.24 and a beta of 0.92.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period last year, the business earned $0.32 EPS. As a group, equities research analysts expect that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.77%. First Horizon’s dividend payout ratio is presently 44.12%.

First Horizon announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FHN shares. Royal Bank of Canada increased their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Stephens restated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Raymond James upped their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Barclays lifted their target price on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Finally, Robert W. Baird set a $17.00 price objective on First Horizon in a report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.04.

Insider Activity 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 shares were 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 trade represents a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,954 shares of company stock worth $4,519,333. Company insiders own 0.87% of the company’s stock.

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.