Chartwell Investment Partners LLC Sells 19,894 Shares of First Horizon Co. (NYSE:FHN)

Chartwell Investment Partners LLC cut its stake in First Horizon Co. (NYSE:FHN) by 8.0% in the 3rd quarter, Holdings Channel reports. The firm owned 229,380 shares of the financial services provider’s stock after selling 19,894 shares during the period. Chartwell Investment Partners LLC’s holdings in First Horizon were worth $3,562,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. UMB Bank n.a. grew its position in shares of First Horizon by 365.0% in 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 period. Family Firm Inc. purchased a new stake in shares of First Horizon in the 2nd quarter worth about $28,000. Nemes Rush Group LLC grew its position in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the period. Industrial Alliance Investment Management Inc. purchased a new stake in shares of First Horizon in the 2nd quarter worth about $31,000. Finally, Covestor Ltd grew its position 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 worth $34,000 after buying an additional 651 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

FHN opened at $20.03 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. The stock has a market capitalization of $10.73 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.47 and a beta of 0.86. The company’s 50-day simple moving average is $16.50 and its two-hundred day simple moving average is $15.96. First Horizon Co. has a 52-week low of $11.12 and a 52-week high of $20.53.

First Horizon (NYSE:FHN) last issued 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 analysts’ expectations of $821.63 million. During the same quarter in the prior year, the business earned $0.27 EPS. As a group, analysts predict that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FHN shares. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, July 20th. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Royal Bank of Canada increased their price objective on shares of First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $18.38.

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.