Bridge Creek Capital Management LLC Decreases Stake in First Horizon Co. (NYSE:FHN)

Bridge Creek Capital Management LLC lowered its position in First Horizon Co. (NYSE:FHN) by 1.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 180,191 shares of the financial services provider’s stock after selling 2,050 shares during the quarter. Bridge Creek Capital Management LLC’s holdings in First Horizon were worth $3,629,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FHN. State Street Corp boosted its stake in First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after purchasing an additional 4,116,486 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares during the last quarter. Millennium Management LLC boosted its position in shares of First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the last quarter. Sculptor Capital LP boosted its position in shares of First Horizon by 18.2% during the 2nd quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock valued at $160,854,000 after acquiring an additional 1,570,000 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after acquiring an additional 61,397 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FHN shares. Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Finally, Evercore ISI lifted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $21.35.

First Horizon Stock Up 0.2 %

FHN traded up $0.05 during trading on Monday, hitting $20.11. 2,445,211 shares of the company’s stock traded hands, compared to its average volume of 4,440,638. First Horizon Co. has a 12-month low of $12.95 and a 12-month high of $21.72. The company’s 50 day simple moving average is $20.19 and its two-hundred day simple moving average is $17.51. 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 stock has a market capitalization of $10.66 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.51 and a beta of 0.92.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter last year, the company posted $0.27 earnings per share. Analysts predict that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.98%. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon declared that its Board of Directors has approved a stock repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 10.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s 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 owns 166,840 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. The trade was a 16.26 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

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.