Financial Partners Group LLC Lowers Holdings in First Horizon Co. (NYSE:FHN)

Financial Partners Group LLC trimmed its position in shares of First Horizon Co. (NYSE:FHN) by 13.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 102,641 shares of the financial services provider’s stock after selling 16,089 shares during the period. First Horizon makes up about 0.9% of Financial Partners Group LLC’s holdings, making the stock its 29th biggest holding. Financial Partners Group LLC’s holdings in First Horizon were worth $2,067,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the company. UMB Bank n.a. grew its holdings in shares of First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the last quarter. Nemes Rush Group LLC boosted its stake in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Covestor Ltd raised its stake in shares of First Horizon by 44.0% in 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. Finally, True Wealth Design LLC bought a new position in shares of First Horizon during the third quarter valued at $36,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the sale, the chief executive officer now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the director now owns 166,840 shares of the company’s stock, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 220,954 shares of company stock worth $4,519,333 in the last quarter. 0.87% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. UBS Group started coverage on First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Robert W. Baird set a $17.00 price objective on shares of First Horizon in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted their target price on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Raymond James boosted their target price on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Stock Performance

NYSE:FHN opened at $20.90 on Friday. The stock has a 50-day moving average price of $20.52 and a 200 day moving average price of $17.84. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $21.82. The stock has a market capitalization of $11.08 billion, a P/E ratio of 15.36, a P/E/G ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping 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 prior year, the firm earned $0.32 EPS. Equities research analysts forecast that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon declared that its board has authorized a stock buyback plan 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 reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s payout ratio is presently 44.12%.

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.