Phocas Financial Corp. Has $1.61 Million Stock Position in First Horizon Co. (NYSE:FHN)

Phocas Financial Corp. cut its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 85.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,971 shares of the financial services provider's stock after selling 453,324 shares during the period. First Horizon comprises approximately 1.2% of Phocas Financial Corp.'s holdings, making the stock its 20th largest holding. Phocas Financial Corp.'s holdings in First Horizon were worth $1,611,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in First Horizon by 19.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 134,357 shares of the financial services provider's stock valued at $2,087,000 after buying an additional 21,589 shares during the last quarter. State of Alaska Department of Revenue boosted its position in First Horizon by 2.7% in the 3rd quarter. State of Alaska Department of Revenue now owns 62,253 shares of the financial services provider's stock valued at $966,000 after buying an additional 1,625 shares during the last quarter. Pallas Capital Advisors LLC boosted its position in First Horizon by 62.5% in the 3rd quarter. Pallas Capital Advisors LLC now owns 28,193 shares of the financial services provider's stock valued at $438,000 after buying an additional 10,843 shares during the last quarter. Stephens Inc. AR boosted its position in First Horizon by 6.1% in the 3rd quarter. Stephens Inc. AR now owns 165,629 shares of the financial services provider's stock valued at $2,572,000 after buying an additional 9,458 shares during the last quarter. Finally, EMC Capital Management boosted its position in First Horizon by 28.1% in the 3rd quarter. EMC Capital Management now owns 15,823 shares of the financial services provider's stock valued at $271,000 after buying an additional 3,470 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Remove Ads

Analyst Ratings Changes

A number of research analysts have commented on the company. Bank of America increased their price objective on First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Royal Bank of Canada increased their price target on First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price objective on First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a research note on Friday, January 17th. UBS Group started coverage on First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on First Horizon from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.23.

Insider Activity

In other news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now directly 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 document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.87% of the company's stock.

First Horizon Trading Up 2.5 %

FHN stock traded up $0.53 during midday trading on Friday, hitting $21.55. 6,072,399 shares of the company's stock were exchanged, compared to its average volume of 5,614,285. The stock's fifty day moving average price is $21.17 and its 200-day moving average price is $18.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market cap of $11.42 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate 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 last year, the firm earned $0.32 EPS. Research analysts predict that First Horizon Co. will post 1.67 earnings per share 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 issued a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.78%. First Horizon's dividend payout ratio (DPR) is 44.12%.

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.