First Horizon Co. (NYSE:FHN) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lowered its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 38.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,277 shares of the financial services provider's stock after selling 52,157 shares during the period. Y Intercept Hong Kong Ltd's holdings in First Horizon were worth $1,309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. 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. Los Angeles Capital Management LLC increased its holdings in First Horizon by 13.1% in the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider's stock valued at $13,482,000 after purchasing an additional 100,359 shares during the last quarter. Allen Capital Group LLC increased its holdings in First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock valued at $817,000 after purchasing an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC increased its holdings in First Horizon by 10.1% in the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider's stock valued at $7,229,000 after purchasing an additional 42,793 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in First Horizon in the 3rd quarter valued at approximately $2,669,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Down 0.7 %

Shares of First Horizon stock traded down $0.15 during trading on Thursday, hitting $20.45. 5,859,697 shares of the stock were exchanged, compared to its average volume of 6,567,869. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of 14.93, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91. The firm's 50-day moving average price is $18.68 and its 200 day moving average price is $16.71. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion during the quarter, compared to analysts' expectations 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 in the previous year, the company earned $0.27 EPS. As a group, analysts forecast that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.93%. First Horizon's dividend payout ratio (DPR) is currently 43.48%.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on FHN. Stephens lifted their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Wells Fargo & Company lifted their target price on shares of First Horizon from $18.00 to $21.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. The Goldman Sachs Group boosted their price target on shares of First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Wedbush downgraded shares of First Horizon from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, Barclays boosted their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.69.

Insider Transactions at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the sale, the director now directly owns 166,840 shares of the company's stock, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business's 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 sale, the executive vice president now directly 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

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.