Cullen Investment Group LTD. Sells 837 Shares of First Horizon Co. (NYSE:FHN)

Cullen Investment Group LTD. cut its position in First Horizon Co. (NYSE:FHN) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,047 shares of the financial services provider’s stock after selling 837 shares during the quarter. Cullen Investment Group LTD.’s holdings in First Horizon were worth $444,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FHN. State Street Corp increased its stake in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares during the period. Dimensional Fund Advisors LP raised its position in First Horizon by 28.8% during the 2nd 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 during the last quarter. Millennium Management LLC lifted its holdings in First Horizon by 46.5% during the 2nd 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 period. Sculptor Capital LP grew its position in shares of First Horizon by 18.2% in the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after buying an additional 1,570,000 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in First Horizon by 0.7% in the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after acquiring an additional 61,397 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

FHN opened at $20.78 on Wednesday. First Horizon Co. has a 1 year low of $12.95 and a 1 year 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. The firm’s fifty day moving average price is $20.26 and its two-hundred day moving average price is $17.55. The company has a market capitalization of $11.02 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 1.51 and a beta of 0.92.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the business earned $0.27 EPS. As a group, analysts anticipate that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date was Friday, December 13th. First Horizon’s payout ratio is 43.48%.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Evercore ISI increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. UBS Group initiated coverage on shares of First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective for the company. Wells Fargo & Company increased their target price on shares of First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.35.

Insider Buying and Selling

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David T. Popwell sold 100,974 shares of the stock in a transaction on 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 transaction, 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. 0.87% of the stock is owned by 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.