First Horizon Co. (NYSE:FHN) Shares Sold by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC cut its holdings in First Horizon Co. (NYSE:FHN) by 1.4% during the third quarter, HoldingsChannel reports. The firm owned 106,114 shares of the financial services provider’s stock after selling 1,500 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in First Horizon were worth $1,648,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in FHN. Los Angeles Capital Management LLC lifted its position in First Horizon by 13.1% during the 3rd quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after acquiring an additional 100,359 shares during the period. Greenwood Capital Associates LLC raised its stake in shares of First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after purchasing an additional 42,793 shares during the last quarter. Allen Capital Group LLC raised its stake in shares of First Horizon by 128.4% during the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after purchasing an additional 29,581 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of First Horizon by 127.1% during the third quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock worth $1,644,000 after purchasing an additional 59,258 shares during the period. Finally, Entropy Technologies LP purchased a new position in First Horizon in the 3rd quarter valued at $2,669,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares in the company, valued at approximately $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Stephens raised their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Evercore ISI lifted their price objective on First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. JPMorgan Chase & Co. reduced their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, Royal Bank of Canada upped their price objective on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.38.

First Horizon Trading Up 2.4 %

NYSE:FHN opened at $21.43 on Tuesday. First Horizon Co. has a 52-week low of $11.87 and a 52-week high of $21.72. 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 fifty day simple moving average of $17.43 and a 200-day simple moving average of $16.31. The company has a market capitalization of $11.36 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $821.63 million. During the same quarter in the previous year, the business posted $0.27 earnings per share. On average, equities research analysts expect that First Horizon Co. will post 1.49 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a stock buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.80%. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon 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.