SG Americas Securities LLC Reduces Stock Position in First Horizon Co. (NYSE:FHN)

SG Americas Securities LLC decreased its stake in First Horizon Co. (NYSE:FHN - Free Report) by 49.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,371 shares of the financial services provider's stock after selling 16,056 shares during the period. SG Americas Securities LLC's holdings in First Horizon were worth $330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. UMB Bank n.a. raised its stake in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider's stock worth $26,000 after acquiring an additional 1,325 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. Covestor Ltd raised its position in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after purchasing an additional 651 shares during the period. True Wealth Design LLC bought a new stake in First Horizon in the third quarter worth $36,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 1.3 %

Shares of NYSE FHN traded up $0.29 during midday trading on Wednesday, hitting $22.06. 4,104,965 shares of the company traded hands, compared to its average volume of 5,891,886. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $22.10. The stock has a 50-day moving average price of $20.68 and a 200 day moving average price of $18.16. The firm has a market cap of $11.69 billion, a P/E ratio of 16.22, a P/E/G ratio of 1.24 and a beta of 0.92.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period last year, the company posted $0.32 earnings per share. As a group, analysts expect that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

First Horizon announced that its board has authorized a share repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FHN shares. Raymond James boosted their target price on First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Wells Fargo & Company lifted their price target on First Horizon from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. The Goldman Sachs Group increased their price objective on First Horizon from $18.50 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Royal Bank of Canada lifted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 11th. Finally, Robert W. Baird set a $17.00 price target on shares of First Horizon in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.04.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction on 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 transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction 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 in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock valued at $4,519,333 in the last three months. 0.87% of the stock is currently owned by company insiders.

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.