Verition Fund Management LLC Sells 668,940 Shares of First Horizon Co. (NYSE:FHN)

Verition Fund Management LLC trimmed its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 16.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,325,683 shares of the financial services provider's stock after selling 668,940 shares during the period. Verition Fund Management LLC owned 0.63% of First Horizon worth $51,648,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FHN. CIBC Asset Management Inc raised its stake in First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider's stock valued at $254,000 after acquiring an additional 559 shares during the period. Covestor Ltd raised its position in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 651 shares during the period. Access Investment Management LLC lifted its stake in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider's stock worth $1,382,000 after buying an additional 715 shares during the last quarter. CreativeOne Wealth LLC lifted its stake in shares of First Horizon by 7.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider's stock worth $181,000 after buying an additional 773 shares during the last quarter. Finally, Simplicity Wealth LLC boosted its holdings in shares of First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider's stock worth $462,000 after buying an additional 786 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FHN shares. Evercore ISI increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Robert W. Baird set a $17.00 target price on First Horizon in a research note on Thursday, October 17th. Barclays boosted their price target on First Horizon from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Royal Bank of Canada upped 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. Finally, Raymond James lifted their target price on First Horizon from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and a consensus price target of $18.71.

Insiders Place Their Bets

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the business's stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 100,974 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.04 during midday trading on Friday, hitting $21.13. The stock had a trading volume of 1,978,918 shares, compared to its average volume of 6,575,525. The company's 50-day moving average price is $17.85 and its 200-day moving average price is $16.45. First Horizon Co. has a fifty-two week low of $12.40 and a fifty-two week high of $21.72. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $11.20 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 1.57 and a beta of 0.86.

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

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.84%. First Horizon's dividend payout ratio is currently 43.48%.

First Horizon declared that its Board of Directors has approved a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding 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 generally a sign that the company's management believes its shares are undervalued.

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.