JPMorgan Chase & Co. Sells 956,785 Shares of First Horizon Co. (NYSE:FHN)

JPMorgan Chase & Co. decreased its position in First Horizon Co. (NYSE:FHN - Free Report) by 31.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,124,016 shares of the financial services provider's stock after selling 956,785 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.40% of First Horizon worth $32,986,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. increased its position in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock valued at $26,000 after buying an additional 1,325 shares during the period. Nemes Rush Group LLC raised its position in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock worth $29,000 after acquiring an additional 1,378 shares in the last quarter. Covestor Ltd grew its stake in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after purchasing an additional 651 shares during the period. True Wealth Design LLC bought a new position in First Horizon in the third quarter worth $36,000. Finally, LRI Investments LLC lifted its position in First Horizon by 365.7% during the third quarter. LRI Investments LLC now owns 3,800 shares of the financial services provider's stock valued at $59,000 after buying an additional 2,984 shares during the period. 80.28% of the stock is owned by institutional investors.

Insider Buying and Selling

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 value of $199,200.00. Following the sale, the director now directly owns 166,840 shares of the company's stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the 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 transaction, the executive vice president now directly owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Stock Performance

NYSE FHN traded up $0.03 during trading hours on Tuesday, hitting $20.49. 5,763,427 shares of the company's stock traded hands, compared to its average volume of 4,589,832. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The firm has a market capitalization of $10.86 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.51 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The business's fifty day moving average price is $20.01 and its two-hundred day moving average price is $17.40.

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

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

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon's dividend payout ratio is currently 43.48%.

Analyst Ratings Changes

A number of research analysts recently issued reports on FHN shares. Royal Bank of Canada lifted their price target on shares of First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. reduced their price objective on First Horizon from $23.00 to $22.50 and set a "neutral" rating for the company in a research report on Tuesday. Wedbush downgraded First Horizon from an "outperform" rating to a "neutral" rating and dropped their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Wells Fargo & Company upped their price target on shares of First Horizon from $18.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Finally, UBS Group started coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.35.

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.