Amalgamated Bank Sells 86,536 Shares of First Horizon Co. (NYSE:FHN)

Amalgamated Bank lowered its position in First Horizon Co. (NYSE:FHN - Free Report) by 25.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 256,022 shares of the financial services provider's stock after selling 86,536 shares during the period. Amalgamated Bank's holdings in First Horizon were worth $3,976,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its holdings in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after purchasing an additional 1,325 shares in the last quarter. Family Firm Inc. acquired a new position in shares of First Horizon during the 2nd quarter worth about $28,000. Nemes Rush Group LLC lifted 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 stake in First Horizon in the 2nd quarter valued at about $31,000. Finally, Abich Financial Wealth Management LLC lifted its stake in First Horizon by 54.5% in the 1st quarter. Abich Financial Wealth Management LLC now owns 3,613 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 1,274 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

First Horizon stock traded up $0.09 during midday trading on Friday, reaching $19.69. The company's stock had a trading volume of 7,645,749 shares, compared to its average volume of 7,276,455. The stock has a market cap of $10.55 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $16.44 and a 200-day moving average price of $15.91. First Horizon Co. has a 52 week low of $10.96 and a 52 week high of $20.11.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations 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 previous year, the business posted $0.27 earnings per share. On average, sell-side analysts predict that First Horizon Co. will post 1.49 EPS for the current year.

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 issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio (DPR) is currently 43.48%.

First Horizon declared that its board has approved a share buyback program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FHN shares. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $18.00 price objective on shares of First Horizon in a research report on Wednesday, July 17th. Royal Bank of Canada raised their price objective on shares of First Horizon from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Barclays raised their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, Wedbush cut shares of First Horizon from an "outperform" rating to a "neutral" rating and lowered their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.38.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value 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 $10,278,937.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.