Fmr LLC Sells 472,022 Shares of First Horizon Co. (NYSE:FHN)

FMR LLC lowered its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 7.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,563,196 shares of the financial services provider's stock after selling 472,022 shares during the period. FMR LLC owned approximately 1.05% of First Horizon worth $86,396,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. UMB Bank n.a. grew its stake in First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 1,325 shares during the period. Family Firm Inc. bought a new position in shares of First Horizon in the second quarter valued at approximately $28,000. Nemes Rush Group LLC lifted its holdings in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of First Horizon in the second quarter valued at approximately $31,000. Finally, Covestor Ltd lifted its holdings in 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 acquiring an additional 651 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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 sale, the executive vice president now owns 519,926 shares of the company's stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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. This trade represents 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.

First Horizon Price Performance

First Horizon stock traded up $0.09 during midday trading on Friday, hitting $20.69. 5,772,726 shares of the company's stock were exchanged, compared to its average volume of 6,527,728. First Horizon Co. has a 52-week low of $12.95 and a 52-week high of $21.72. The stock has a 50-day moving average price of $18.27 and a two-hundred day moving average price of $16.58. 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 $10.97 billion, a P/E ratio of 14.91, a PEG ratio of 1.54 and a beta of 0.91.

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

First Horizon announced that its board has authorized a share repurchase 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FHN. Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Barclays raised their target price on First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Evercore ISI raised their target price on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their price target on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.46.

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.