Vanguard Group Inc. Sells 319,507 Shares of First Horizon Corporation $FHN

Vanguard Group Inc. decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 0.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,487,836 shares of the financial services provider’s stock after selling 319,507 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of First Horizon worth $1,141,530,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FHN. Calton & Associates Inc. acquired a new position in shares of First Horizon during the 3rd quarter worth about $206,000. HighTower Advisors LLC raised its holdings in First Horizon by 11.7% during the third quarter. HighTower Advisors LLC now owns 66,417 shares of the financial services provider’s stock worth $1,502,000 after acquiring an additional 6,954 shares in the last quarter. Affinity Wealth Management LLC acquired a new position in First Horizon during the third quarter valued at approximately $249,000. Assetmark Inc. boosted its position in First Horizon by 940.3% during the third quarter. Assetmark Inc. now owns 7,844 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 7,090 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in First Horizon by 1.1% in the third quarter. Illinois Municipal Retirement Fund now owns 68,172 shares of the financial services provider’s stock valued at $1,541,000 after purchasing an additional 772 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the transaction, the executive vice president owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.87% of the company’s stock.

First Horizon Trading Up 0.8%

FHN stock opened at $25.23 on Friday. First Horizon Corporation has a one year low of $15.19 and a one year high of $26.56. The stock has a market cap of $12.42 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 0.95 and a beta of 0.63. The company has a fifty day moving average price of $24.56 and a two-hundred day moving average price of $22.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. The company had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter last year, the company posted $0.43 EPS. Equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon declared that its board has authorized a stock repurchase program on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.7%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is 31.91%.

Analyst Ratings Changes

FHN has been the topic of a number of analyst reports. Citigroup upped their price objective on First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. UBS Group reaffirmed a “buy” rating and set a $29.00 price target on shares of First Horizon in a research report on Wednesday, February 4th. Stephens increased their price target on shares of First Horizon from $28.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Robert W. Baird lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, Keefe, Bruyette & Woods upped their target price on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.63.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.