Stephens Inc. AR Sells 2,204 Shares of First Horizon Co. (NYSE:FHN)

Stephens Inc. AR cut its position in First Horizon Co. (NYSE:FHN) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 163,425 shares of the financial services provider’s stock after selling 2,204 shares during the period. Stephens Inc. AR’s holdings in First Horizon were worth $3,291,000 at the end of the most recent reporting period.

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

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FHN. The Goldman Sachs Group lifted their price target on shares of First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. UBS Group began coverage on shares of First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Raymond James lifted their price target on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Robert W. Baird set a $17.00 price objective on First Horizon in a research report on Thursday, October 17th. Finally, Stephens reiterated an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

First Horizon Stock Performance

NYSE FHN opened at $22.10 on Tuesday. First Horizon Co. has a 12-month low of $13.57 and a 12-month high of $22.43. The firm has a 50-day moving average price of $20.77 and a two-hundred day moving average price of $18.32. The company has a market capitalization of $11.71 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.26 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its quarterly 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 return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the prior year, the company earned $0.32 EPS. Analysts anticipate that First Horizon Co. will post 1.64 earnings per share for the current year.

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

First Horizon Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is currently 44.12%.

About First Horizon

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.