First Horizon Co. (NYSE:FHN) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its position in shares of First Horizon Co. (NYSE:FHN) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,443 shares of the financial services provider’s stock after selling 1,810 shares during the quarter. State of Alaska Department of Revenue’s holdings in First Horizon were worth $1,217,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. UMB Bank n.a. raised its position in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 884 shares during the period. Covestor Ltd raised its holdings in shares of First Horizon by 44.0% during the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. True Wealth Design LLC acquired a new position in First Horizon during the third quarter valued at $36,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in First Horizon by 335.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 1.3 %

Shares of NYSE FHN opened at $22.14 on Thursday. The firm has a market cap of $11.74 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.26 and a beta of 0.92. The company’s 50-day simple moving average is $20.84 and its 200-day simple moving average is $18.38. 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 Co. has a 52-week low of $13.57 and a 52-week high of $22.44.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating 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 period last year, the firm posted $0.32 EPS. Equities analysts predict that First Horizon Co. will post 1.64 EPS for the current fiscal year.

First Horizon Announces Dividend

The company 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 dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

First Horizon declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

FHN has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. 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 research report on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Wells Fargo & Company raised their price objective 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. Finally, The Goldman Sachs Group boosted their target price 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.04.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.87% of the stock is owned by corporate insiders.

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.