Charles Schwab Investment Management Inc. Has $55.99 Million Position in First Horizon Co. (NYSE:FHN)

Charles Schwab Investment Management Inc. lowered its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 2.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,605,222 shares of the financial services provider's stock after selling 78,960 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.67% of First Horizon worth $55,989,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FHN. UMB Bank n.a. boosted its stake in shares of First Horizon by 365.0% in the 3rd 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 in the last quarter. Family Firm Inc. acquired a new position in First Horizon in the second quarter valued at about $28,000. 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 worth $29,000 after buying an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon during the second quarter worth approximately $31,000. Finally, Covestor Ltd increased its holdings in shares of 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 buying an additional 651 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Trading Up 0.2 %

Shares of FHN stock traded up $0.04 during trading hours on Friday, reaching $21.13. The company had a trading volume of 1,978,918 shares, compared to its average volume of 6,590,941. First Horizon Co. has a 1-year low of $12.40 and a 1-year high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $11.20 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 1.58 and a beta of 0.86. The company has a 50 day moving average of $17.85 and a 200 day moving average of $16.45.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the prior year, the firm posted $0.27 earnings per share. On average, equities research analysts anticipate that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon declared that its board has authorized a stock buyback plan on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio is currently 43.48%.

Insider Buying and Selling at First Horizon

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 transaction, the director now owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares of the company's stock, valued at $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FHN shares. Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Stephens increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. JPMorgan Chase & Co. lowered their target price on First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada upped their price target 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. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and a consensus price target of $18.71.

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.