Summit Asset Management LLC Lowers Holdings in First Horizon Co. (NYSE:FHN)

Summit Asset Management LLC reduced its position in shares of First Horizon Co. (NYSE:FHN) by 10.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,667 shares of the financial services provider’s stock after selling 2,170 shares during the quarter. Summit Asset Management LLC’s holdings in First Horizon were worth $356,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. CIBC Asset Management Inc boosted its position in First Horizon by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after buying an additional 559 shares during the period. Covestor Ltd raised its holdings 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 valued at $34,000 after purchasing an additional 651 shares in the last quarter. Access Investment Management LLC raised its holdings in shares of First Horizon by 0.8% in the 4th quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 675 shares in the last quarter. CreativeOne Wealth LLC raised its holdings in shares of First Horizon by 7.1% in the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 773 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in First Horizon by 1.1% during the 4th quarter. Pacer Advisors Inc. now owns 79,022 shares of the financial services provider’s stock worth $1,592,000 after acquiring an additional 824 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Down 3.2 %

First Horizon stock opened at $20.85 on Friday. The firm’s 50-day moving average is $21.04 and its 200-day moving average is $18.67. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The company has a market cap of $11.05 billion, a P/E ratio of 15.33, a PEG ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN) last released its quarterly earnings results 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 net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the business posted $0.32 EPS. On average, equities analysts expect that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon announced that its Board of Directors has authorized a share buyback 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 repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insider Buying and Selling at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,861,381 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FHN shares. Wells Fargo & Company lifted their price target on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Raymond James lifted their price target on shares of First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods lifted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Finally, UBS Group started coverage on shares of First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Seven research 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Company 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.