Jacobs Levy Equity Management Inc. Trims Stake in First Horizon Co. (NYSE:FHN)

Jacobs Levy Equity Management Inc. reduced its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 72.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 250,522 shares of the financial services provider's stock after selling 649,326 shares during the period. Jacobs Levy Equity Management Inc.'s holdings in First Horizon were worth $3,891,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted 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 purchasing an additional 559 shares during the period. Covestor Ltd raised its holdings in First Horizon by 44.0% in 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 during the period. Access Investment Management LLC lifted its position in First Horizon by 0.8% during the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider's stock worth $1,382,000 after acquiring an additional 715 shares during the last quarter. CreativeOne Wealth LLC boosted its holdings in shares of First Horizon by 7.1% during the third quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider's stock worth $181,000 after acquiring an additional 773 shares during the period. Finally, Simplicity Wealth LLC grew its position in shares of First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider's stock valued at $462,000 after purchasing an additional 786 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company'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 transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FHN shares. Stephens upped their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. The Goldman Sachs Group increased their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Barclays upped their target price on First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Evercore ISI lifted their target price on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Finally, Raymond James raised their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $19.46.

First Horizon Stock Performance

Shares of NYSE FHN traded up $0.09 during midday trading on Friday, hitting $20.69. The company's stock had a trading volume of 5,825,163 shares, compared to its average volume of 5,453,899. The stock has a fifty day moving average price of $18.38 and a 200 day moving average price of $16.61. The firm has a market capitalization of $10.97 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 1.54 and a beta of 0.91. First Horizon Co. has a one year low of $12.95 and a one year high of $21.72. 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 (NYSE:FHN - Get Free Report) last announced its quarterly 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 company had revenue of $1.32 billion during 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 earned $0.27 earnings per share. On average, research analysts forecast that First Horizon Co. will post 1.49 EPS for the current fiscal year.

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

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 2.90%. First Horizon's payout ratio is 43.48%.

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.