First Horizon Co. (NYSE:FHN) Shares Sold by Bfsg LLC

Bfsg LLC trimmed its holdings in First Horizon Co. (NYSE:FHN) by 10.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 11,750 shares of the financial services provider’s stock after selling 1,330 shares during the period. Bfsg LLC’s holdings in First Horizon were worth $237,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its stake in 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 valued at $29,000 after acquiring an additional 884 shares during the last quarter. Kentucky Trust Co acquired a new stake in First Horizon in the 4th quarter valued at about $32,000. Covestor Ltd grew its stake in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares during the last quarter. True Wealth Design LLC acquired a new stake in First Horizon in the 3rd quarter valued at about $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in First Horizon by 335.6% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 2,000 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Trading Up 0.3 %

Shares of FHN stock opened at $22.17 on Wednesday. The firm’s 50-day simple moving average is $20.97 and its 200-day simple moving average is $18.56. The firm has a market cap of $11.75 billion, a P/E ratio of 16.30, a PEG ratio of 1.26 and a beta of 0.92. First Horizon Co. has a 1-year low of $13.72 and a 1-year high of $22.44. 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) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm posted $0.32 earnings per share. As a group, equities analysts forecast that First Horizon Co. will post 1.64 EPS for the current year.

First Horizon announced that its board has initiated a share buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on 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 owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Royal Bank of Canada increased their price objective on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Evercore ISI upped their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods upped their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Finally, The Goldman Sachs Group upped their target price 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 research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.