Diamond Hill Capital Management Inc. Sells 227,803 Shares of First Horizon Co. (NYSE:FHN)

Diamond Hill Capital Management Inc. reduced its position in First Horizon Co. (NYSE:FHN) by 21.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 810,452 shares of the financial services provider’s stock after selling 227,803 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 0.15% of First Horizon worth $16,323,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FHN. Bank of New York Mellon Corp lifted its holdings in shares of First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after acquiring an additional 7,715,191 shares during the period. Raymond James Financial Inc. bought a new position in shares of First Horizon during the fourth quarter valued at $102,467,000. State Street Corp lifted 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 valued at $410,789,000 after acquiring an additional 4,116,486 shares during the period. Amundi lifted its holdings in shares of First Horizon by 255.6% during the fourth quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after acquiring an additional 2,683,746 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of First Horizon during the third quarter valued at $39,242,000. 80.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Royal Bank of Canada lifted their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price target on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Bank of America lifted their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.23.

Insider Transactions 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 stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $19.02 on Friday. The stock has a 50-day moving average price of $20.94 and a 200 day moving average price of $19.08. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a market cap of $9.92 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 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 period last year, the business earned $0.32 earnings per share. Research analysts expect that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.16%. First Horizon’s payout ratio is currently 44.12%.

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.