Diamond Hill Capital Management Inc. Has $16.32 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

Diamond Hill Capital Management Inc. cut its holdings in First Horizon Co. (NYSE:FHN) by 21.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 810,452 shares of the financial services provider’s stock after selling 227,803 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in First Horizon were worth $16,323,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Citigroup Inc. grew its position 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 valued at $14,724,000 after purchasing an additional 285,108 shares during the period. Allen Capital Group LLC grew its position in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 29,581 shares during the period. First Citizens Bank & Trust Co. acquired a new position in shares of First Horizon in the 4th quarter valued at approximately $304,000. Merit Financial Group LLC acquired a new position in shares of First Horizon in the 4th quarter valued at approximately $453,000. Finally, Smith Group Asset Management LLC acquired a new position in shares of First Horizon in the 4th quarter valued at approximately $1,813,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Trading Up 3.0 %

Shares of First Horizon stock opened at $19.02 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. The stock has a market cap of $9.92 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The business’s 50 day moving average is $20.94 and its 200-day moving average is $19.08.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the firm posted $0.32 EPS. Equities research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is presently 44.12%.

Analysts Set New Price Targets

Several research firms have commented on FHN. JPMorgan Chase & Co. boosted their target price on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Keefe, Bruyette & Woods boosted their target price on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. The Goldman Sachs Group boosted their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Stephens restated an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a research note on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $22.23.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 109,980 shares of the business’s 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 transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by 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.