Principal Financial Group Inc. Sells 142,440 Shares of First Horizon Co. (NYSE:FHN)

Principal Financial Group Inc. lowered its position in First Horizon Co. (NYSE:FHN - Free Report) by 4.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,378,918 shares of the financial services provider's stock after selling 142,440 shares during the quarter. Principal Financial Group Inc. owned approximately 0.63% of First Horizon worth $52,475,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FHN. Vanguard Group Inc. raised its position in First Horizon by 1.1% during the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider's stock valued at $886,640,000 after acquiring an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider's stock valued at $510,782,000 after purchasing an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in First Horizon by 28.8% in the second 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 in the last quarter. Millennium Management LLC increased its position in 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 buying an additional 4,558,129 shares during the last quarter. Finally, LSV Asset Management raised its holdings in First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider's stock valued at $221,187,000 after buying an additional 692,100 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Royal Bank of Canada increased their price objective on First Horizon from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Wedbush lowered First Horizon from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Robert W. Baird set a $17.00 price target on First Horizon in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $18.38.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares of the company's stock, valued at approximately $10,278,937.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company's stock.

First Horizon Price Performance

NYSE:FHN traded up $0.34 during mid-day trading on Monday, hitting $20.03. The company's stock had a trading volume of 8,800,586 shares, compared to its average volume of 6,641,110. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $16.50 and a 200-day moving average of $15.96. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 14.51, a P/E/G ratio of 1.47 and a beta of 0.86. First Horizon Co. has a fifty-two week low of $11.12 and a fifty-two week high of $20.53.

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

First Horizon announced that its Board of Directors has approved a share repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 3.00%. First Horizon's dividend payout ratio (DPR) is 43.48%.

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.