Greenwood Capital Associates LLC Has $3.10 Million Position in First Horizon Co. (NYSE:FHN)

Greenwood Capital Associates LLC cut its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 67.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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.

Other hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its position in First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider's stock worth $254,000 after buying an additional 559 shares in the last quarter. Covestor Ltd raised its position in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 651 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider's stock worth $181,000 after purchasing an additional 773 shares during the last quarter. Pacer Advisors Inc. increased its position in First Horizon by 1.1% in the 4th quarter. Pacer Advisors Inc. now owns 79,022 shares of the financial services provider's stock valued at $1,592,000 after acquiring an additional 824 shares during the period. Finally, GAMMA Investing LLC boosted its stake in First Horizon by 10.6% during the 4th quarter. GAMMA Investing LLC now owns 9,117 shares of the financial services provider's stock valued at $184,000 after purchasing an additional 875 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FHN shares. UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a research note on Thursday, December 19th. Royal Bank of Canada increased their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 11th. Stephens reaffirmed an "overweight" rating and set a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. Finally, The Goldman Sachs Group raised 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, First Horizon presently has an average rating of "Moderate Buy" and a consensus price target of $22.04.

Insider Buying and Selling

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was 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 directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the firm's stock in a transaction on 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 sale, the chief executive officer now directly owns 1,861,381 shares of the company's stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 220,954 shares of company stock worth $4,519,333. 0.87% of the stock is owned by corporate insiders.

First Horizon Trading Up 0.4 %

NYSE:FHN traded up $0.09 during trading hours on Wednesday, hitting $21.86. The company had a trading volume of 1,140,829 shares, compared to its average volume of 5,757,814. First Horizon Co. has a 52 week low of $13.45 and a 52 week high of $22.10. The company has a market capitalization of $11.59 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The stock has a 50-day moving average price of $20.68 and a 200 day moving average price of $18.16. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the company earned $0.32 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's dividend payout ratio is presently 44.12%.

First Horizon declared that its board has approved a share repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

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.