Financial Partners Group LLC Cuts Stock Position in First Horizon Co. (NYSE:FHN)

Financial Partners Group LLC lowered its position in First Horizon Co. (NYSE:FHN - Free Report) by 13.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 102,641 shares of the financial services provider's stock after selling 16,089 shares during the quarter. First Horizon comprises 0.9% of Financial Partners Group LLC's investment portfolio, making the stock its 29th largest holding. Financial Partners Group LLC's holdings in First Horizon were worth $2,067,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of FHN. Versant Capital Management Inc raised its stake 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 purchasing an additional 884 shares during the period. UMB Bank n.a. boosted its position in shares of 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 acquiring an additional 1,325 shares during the period. Nemes Rush Group LLC grew its stake in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 1,378 shares in the last quarter. Covestor Ltd increased its holdings in First Horizon by 44.0% during the 3rd 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 stake in First Horizon in the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FHN shares. Stephens restated an "overweight" rating and set a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Raymond James raised their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a report on Friday, January 17th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Finally, Bank of America raised their price objective on First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.04.

First Horizon Trading Up 0.7 %

Shares of FHN stock traded up $0.14 during mid-day trading on Friday, reaching $21.05. The stock had a trading volume of 6,265,582 shares, compared to its average volume of 5,970,675. The firm has a market capitalization of $11.16 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The stock's 50-day moving average price is $20.53 and its two-hundred day moving average price is $17.88. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 52-week low of $13.45 and a 52-week high of $21.82.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly 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 return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the prior year, the firm posted $0.32 EPS. Equities 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 announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.85%. First Horizon's dividend payout ratio is presently 44.12%.

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.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $199,200.00. Following the completion of the sale, the director now owns 166,840 shares of the company's stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 220,954 shares of company stock valued at $4,519,333 over the last quarter. 0.87% of the stock is owned by company insiders.

About First Horizon

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.