First Horizon Co. (NYSE:FHN) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 42.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,935 shares of the financial services provider's stock after selling 44,296 shares during the period. HighTower Advisors LLC's holdings in First Horizon were worth $1,207,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Citigroup Inc. increased its holdings in First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock valued at $14,724,000 after purchasing an additional 285,108 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of First Horizon during the fourth quarter worth $304,000. Merit Financial Group LLC acquired a new stake in shares of First Horizon in the fourth quarter valued at $453,000. Smith Group Asset Management LLC purchased a new stake in shares of First Horizon in the 4th quarter valued at $1,813,000. Finally, Cerity Partners LLC raised its holdings in shares of First Horizon by 44.9% in the 3rd quarter. Cerity Partners LLC now owns 114,529 shares of the financial services provider's stock valued at $1,779,000 after buying an additional 35,479 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on FHN shares. Citigroup lifted their target price on First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Royal Bank of Canada lifted their price objective on shares of First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. increased their target price on shares of First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a research note on Thursday, December 19th. Finally, UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They issued a "buy" rating and a $25.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and a consensus target price of $22.23.

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First Horizon Stock Down 0.2 %

Shares of NYSE:FHN traded down $0.05 during trading on Friday, hitting $19.24. 5,246,993 shares of the company were exchanged, compared to its average volume of 6,198,325. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm's 50 day moving average price is $20.65 and its 200-day moving average price is $19.33. The stock has a market capitalization of $9.89 billion, a P/E ratio of 14.14, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, 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. Investors of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.12%. First Horizon's dividend payout ratio is presently 44.12%.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company's stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

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.