Nisa Investment Advisors LLC Lowers Stake in First Horizon Co. (NYSE:FHN)

Nisa Investment Advisors LLC lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 19.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,012 shares of the financial services provider’s stock after selling 16,328 shares during the period. Nisa Investment Advisors LLC’s holdings in First Horizon were worth $1,360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. State Street Corp lifted its holdings in 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 worth $410,789,000 after buying an additional 4,116,486 shares during the period. Geode Capital Management LLC lifted its holdings in 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 buying an additional 61,397 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of First Horizon during the 3rd quarter valued at $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 during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of First Horizon by 1,595.3% during the 2nd quarter. Mackenzie Financial Corp now owns 1,026,045 shares of the financial services provider’s stock valued at $16,181,000 after purchasing an additional 965,521 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the subject of several analyst reports. Bank of America increased their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Evercore ISI increased their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Stephens reiterated an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. The Goldman Sachs Group increased 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. Finally, UBS Group began coverage on First Horizon in a report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $22.04.

Insiders Place Their Bets

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,954 shares of company stock valued at $4,519,333. Company insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $21.19 on Tuesday. The business’s 50-day moving average is $20.55 and its two-hundred day moving average is $17.94. The company has a market capitalization of $11.23 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.19 and a beta of 0.92. 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 fifty-two week low of $13.45 and a fifty-two week high of $21.82.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate 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 posted $0.32 EPS. Research analysts predict that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon announced that its board has approved a share buyback plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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.