Private Management Group Inc. Has $20.26 Million Stake in First Horizon Co. (NYSE:FHN)

Private Management Group Inc. lowered its position in shares of First Horizon Co. (NYSE:FHN) by 18.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,006,021 shares of the financial services provider’s stock after selling 222,827 shares during the period. Private Management Group Inc.’s holdings in First Horizon were worth $20,261,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp grew its holdings in shares of First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after purchasing an additional 4,116,486 shares during the last quarter. Geode Capital Management LLC boosted its position in First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after buying an additional 61,397 shares during the period. Point72 Asset Management L.P. bought a new stake in First Horizon during the 3rd quarter worth approximately $39,242,000. Barclays PLC increased its position in First Horizon by 169.1% in the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock valued at $29,301,000 after acquiring an additional 1,185,772 shares during the period. Finally, Citigroup Inc. raised its stake in shares of First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after acquiring an additional 285,108 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FHN shares. Evercore ISI boosted their price objective on shares of First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Bank of America upped their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company raised their price objective on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. UBS Group assumed coverage on First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Stephens restated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $22.04.

Insider Buying and Selling at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the company’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 completion of the sale, the director now owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

First Horizon Price Performance

FHN stock opened at $22.06 on Thursday. 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 company’s 50-day moving average is $20.70 and its 200-day moving average is $18.18. The stock has a market capitalization of $11.69 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. First Horizon Co. has a 1 year low of $13.45 and a 1 year high of $22.10.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period last year, the company earned $0.32 EPS. Equities research analysts expect that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.72%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is currently 44.12%.

First Horizon announced that its Board of Directors has initiated a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.