EMC Capital Management Lowers Position in First Horizon Co. (NYSE:FHN)

EMC Capital Management decreased its position in shares of First Horizon Co. (NYSE:FHN) by 21.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 12,353 shares of the financial services provider’s stock after selling 3,470 shares during the period. EMC Capital Management’s holdings in First Horizon were worth $249,000 at the end of the most recent quarter.

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

Insider Transactions at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction dated 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 owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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 in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 220,954 shares of company stock worth $4,519,333 in the last three months. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Up 2.0 %

FHN stock opened at $21.94 on Friday. The company has a market cap of $11.63 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The business’s 50-day moving average is $20.64 and its two-hundred day moving average is $18.03. First Horizon Co. has a fifty-two week low of $13.45 and a fifty-two week high of $22.10.

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

First Horizon declared that its Board of Directors has authorized a stock repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio is presently 44.12%.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of recent research reports. Evercore ISI increased their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. UBS Group started coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective on the stock. Wells Fargo & Company lifted their target price on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. JPMorgan Chase & Co. increased their price target on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Robert W. Baird set a $17.00 price objective on shares of First Horizon in a report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.04.

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.