First Horizon Co. (NYSE:FHN) Shares Sold by Verition Fund Management LLC

Verition Fund Management LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 16.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,325,683 shares of the financial services provider’s stock after selling 668,940 shares during the quarter. Verition Fund Management LLC’s holdings in First Horizon were worth $51,648,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FHN. CIBC Asset Management Inc boosted its holdings in First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock valued at $254,000 after acquiring an additional 559 shares during the last quarter. Covestor Ltd lifted its stake 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 grew its holdings in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after purchasing an additional 715 shares during the period. CreativeOne Wealth LLC increased its position in First Horizon by 7.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 773 shares in the last quarter. Finally, Simplicity Wealth LLC raised its holdings in First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after buying an additional 786 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on FHN shares. Barclays boosted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. The Goldman Sachs Group raised their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday. Royal Bank of Canada upped their target price on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Finally, Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

Insider Transactions at First Horizon

In other First Horizon news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were 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 of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

First Horizon Stock Down 0.5 %

FHN stock opened at $21.09 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a 50 day simple moving average of $17.65 and a 200-day simple moving average of $16.38. The company has a market capitalization of $11.18 billion, a P/E ratio of 15.28, a PEG ratio of 1.57 and a beta of 0.86. First Horizon Co. has a twelve month low of $11.87 and a twelve month high of $21.72.

First Horizon (NYSE:FHN) last announced 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 company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period last year, the business earned $0.27 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon declared that its Board of Directors has initiated a share buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in outstanding 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 usually a sign that the company’s leadership believes its stock is 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.