Diamond Hill Capital Management Inc. Reduces Position in First Horizon Co. (NYSE:FHN)

Diamond Hill Capital Management Inc. lessened its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 21.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 810,452 shares of the financial services provider's stock after selling 227,803 shares during the quarter. Diamond Hill Capital Management Inc. owned about 0.15% of First Horizon worth $16,323,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Versant Capital Management Inc boosted its position in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 884 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of First Horizon during the 4th quarter valued at about $30,000. Kentucky Trust Co bought a new stake in First Horizon in the 4th quarter worth approximately $32,000. Covestor Ltd lifted its position in First Horizon by 44.0% in the 3rd 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. Finally, True Wealth Design LLC bought a new stake in First Horizon in the 3rd quarter worth approximately $36,000. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 2.0 %

Shares of First Horizon stock traded up $0.39 during midday trading on Wednesday, reaching $19.21. 4,603,702 shares of the company's stock traded hands, compared to its average volume of 6,011,851. 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 company has a market cap of $10.02 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.19 and a beta of 0.86. The stock has a 50 day moving average of $20.88 and a 200-day moving average of $19.16. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44.

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First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the business earned $0.32 earnings per share. As a group, equities analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.12%. First Horizon's dividend payout ratio (DPR) is 44.12%.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the 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 sale, the chief executive officer now directly owns 1,861,381 shares of the company's stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.87% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. The Goldman Sachs Group boosted their target price on First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Barclays boosted their target price on First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, December 20th. Stephens restated an "overweight" rating and issued a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. JPMorgan Chase & Co. boosted their target price on First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a research note on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and an average price target of $22.23.

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.