Summit Asset Management LLC Sells 2,170 Shares of First Horizon Co. (NYSE:FHN)

Summit Asset Management LLC lessened its holdings in First Horizon Co. (NYSE:FHN) by 10.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,667 shares of the financial services provider’s stock after selling 2,170 shares during the quarter. Summit Asset Management LLC’s holdings in First Horizon were worth $356,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp increased its holdings 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 valued at $410,789,000 after buying an additional 4,116,486 shares during the period. Geode Capital Management LLC grew its holdings in shares of First Horizon by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after purchasing an additional 61,397 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of First Horizon in the 3rd quarter worth about $39,242,000. Barclays PLC grew its holdings in shares of First Horizon by 169.1% in the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock worth $29,301,000 after purchasing an additional 1,185,772 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the topic of several research reports. Royal Bank of Canada upped their price target on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Stephens reiterated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a research report on Friday, January 17th. Keefe, Bruyette & Woods increased their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Raymond James increased their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Bank of America raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, January 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.04.

Insider Transactions at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE FHN opened at $20.85 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 stock’s 50-day moving average is $21.04 and its 200 day moving average is $18.67. The stock has a market cap of $11.05 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.19 and a beta of 0.92. First Horizon Co. has a 1-year low of $13.72 and a 1-year high of $22.44.

First Horizon (NYSE:FHN) last posted 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 return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the firm earned $0.32 EPS. On average, sell-side analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is 44.12%.

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

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.