First Horizon Co. (NYSE:FHN) Shares Sold by Inspire Investing LLC

Inspire Investing LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 24.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,945 shares of the financial services provider’s stock after selling 6,501 shares during the quarter. Inspire Investing LLC’s holdings in First Horizon were worth $402,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FHN. UMB Bank n.a. boosted its position in 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 purchasing an additional 1,325 shares in the last quarter. Nemes Rush Group LLC boosted its holdings in First Horizon by 306.2% during the second 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 in the last quarter. Versant Capital Management Inc grew its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the period. Covestor Ltd increased its holdings in First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares in the last quarter. Finally, True Wealth Design LLC acquired a new position in shares of First Horizon in the third quarter worth about $36,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon 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 completion of the transaction, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,954 shares of company stock valued at $4,519,333 in the last three months. 0.87% of the stock is currently owned by company insiders.

First Horizon Stock Performance

Shares of FHN opened at $21.05 on Friday. 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 $13.45 and a 52-week high of $21.82. The stock has a 50 day moving average price of $20.53 and a 200 day moving average price of $17.90. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

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

First Horizon announced that its board has approved a stock buyback 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 purchase up to 10.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.85%. The ex-dividend date was Friday, December 13th. First Horizon’s payout ratio is currently 44.12%.

Wall Street Analyst Weigh In

FHN has been the topic of a number of analyst reports. UBS Group began coverage on First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Royal Bank of Canada increased their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Barclays lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Finally, Bank of America increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $22.04.

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.