Phocas Financial Corp. Sells 33,411 Shares of First Horizon Co. (NYSE:FHN)

Phocas Financial Corp. reduced its stake in First Horizon Co. (NYSE:FHN - Free Report) by 5.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 533,295 shares of the financial services provider's stock after selling 33,411 shares during the period. Phocas Financial Corp. owned about 0.10% of First Horizon worth $8,282,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Millennium Management LLC raised its position in shares of First Horizon by 46.5% during the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider's stock worth $226,626,000 after purchasing an additional 4,558,129 shares during the period. Jupiter Asset Management Ltd. bought a new stake in shares of First Horizon during the 2nd quarter worth $66,779,000. Bank of New York Mellon Corp raised its stake in shares of First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider's stock worth $510,782,000 after purchasing an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider's stock worth $244,647,000 after purchasing an additional 3,470,346 shares during the period. Finally, National Bank of Canada FI raised its stake in First Horizon by 499.8% in the 1st quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider's stock valued at $63,304,000 after acquiring an additional 3,340,700 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company's stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Trading Down 1.0 %

Shares of FHN stock traded down $0.20 during trading hours on Tuesday, reaching $20.08. The company's stock had a trading volume of 2,315,062 shares, compared to its average volume of 6,620,824. First Horizon Co. has a one year low of $11.87 and a one year high of $20.53. The stock has a market capitalization of $10.65 billion, a P/E ratio of 14.55, a P/E/G ratio of 1.52 and a beta of 0.86. The firm's fifty day simple moving average is $16.94 and its 200 day simple moving average is $16.14. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

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

First Horizon declared that its board has approved a stock buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon's dividend payout ratio is currently 43.48%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FHN. Evercore ISI boosted their price objective on First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Royal Bank of Canada increased their target price on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Raymond James increased their price objective on First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Stephens raised their price target on First Horizon from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Finally, Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.38.

First Horizon 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.