First Horizon Co. (NYSE:FHN) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of First Horizon Co. (NYSE:FHN) by 31.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,124,016 shares of the financial services provider’s stock after selling 956,785 shares during the quarter. JPMorgan Chase & Co. owned about 0.40% of First Horizon worth $32,986,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of First Horizon during the second quarter worth about $103,000. CIBC Asset Management Inc boosted its holdings in First Horizon by 7.5% in the 2nd quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 1,094 shares during the period. Victory Capital Management Inc. grew its position in First Horizon by 1.9% in the second quarter. Victory Capital Management Inc. now owns 2,711,401 shares of the financial services provider’s stock valued at $42,759,000 after acquiring an additional 51,680 shares in the last quarter. Arizona State Retirement System raised its stake in shares of First Horizon by 1.2% during the second quarter. Arizona State Retirement System now owns 155,360 shares of the financial services provider’s stock valued at $2,450,000 after purchasing an additional 1,797 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in shares of First Horizon by 1.5% during the second quarter. Los Angeles Capital Management LLC now owns 767,735 shares of the financial services provider’s stock worth $12,107,000 after purchasing an additional 11,438 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FHN. Evercore ISI raised their price target 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. Stephens lifted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Keefe, Bruyette & Woods boosted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Robert W. Baird set a $17.00 price objective on First Horizon in a research note on Thursday, October 17th. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and cut their target price for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

First Horizon Stock Up 1.0 %

FHN stock opened at $20.46 on Tuesday. The firm has a fifty day moving average price of $19.94 and a two-hundred day moving average price of $17.35. 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 Co. has a 1-year low of $12.95 and a 1-year high of $21.72. The firm has a market cap of $10.85 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.51 and a beta of 0.92.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. Research analysts predict that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.15 per share. The ex-dividend date was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.93%. First Horizon’s dividend payout ratio is currently 43.48%.

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

Insider Buying and Selling

In other news, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

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.