Franklin Resources Inc. Sells 51,854 Shares of First Horizon Co. (NYSE:FHN)

Franklin Resources Inc. cut its stake in First Horizon Co. (NYSE:FHN - Free Report) by 18.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 221,839 shares of the financial services provider's stock after selling 51,854 shares during the period. Franklin Resources Inc.'s holdings in First Horizon were worth $4,468,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Steward Partners Investment Advisory LLC lifted its stake in shares of First Horizon by 3.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock valued at $317,000 after purchasing an additional 571 shares during the period. Farther Finance Advisors LLC lifted its position in First Horizon by 29.9% during the fourth quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after buying an additional 591 shares during the period. Independent Advisor Alliance lifted its position in First Horizon by 1.1% during the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider's stock valued at $1,163,000 after buying an additional 632 shares during the period. Access Investment Management LLC boosted its holdings in shares of First Horizon by 0.8% during the 4th quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider's stock valued at $1,782,000 after buying an additional 675 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of First Horizon by 20.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,736 shares of the financial services provider's stock worth $95,000 after buying an additional 820 shares during the period. 80.28% of the stock is owned by institutional investors.

Remove Ads

First Horizon Stock Performance

First Horizon stock traded down $0.01 during midday trading on Wednesday, reaching $17.55. 1,985,939 shares of the company traded hands, compared to its average volume of 6,298,542. 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 Co. has a 12 month low of $13.72 and a 12 month high of $22.44. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. The business has a 50 day moving average of $19.53 and a two-hundred day moving average of $19.49.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The company had revenue of $823.69 million during the quarter, compared to analyst estimates of $825.11 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

Analyst Ratings Changes

Several equities research analysts recently commented on FHN shares. Citigroup boosted their price objective on shares of First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a report on Thursday, December 19th. Stephens restated an "overweight" rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Finally, Baird R W upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.30.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.87% of the stock is currently owned by insiders.

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.