Hotchkis & Wiley Capital Management LLC Has $24.18 Million Stake in First Horizon Co. (NYSE:FHN)

Hotchkis & Wiley Capital Management LLC cut its stake in shares of First Horizon Co. (NYSE:FHN) by 0.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,557,000 shares of the financial services provider’s stock after selling 14,400 shares during the quarter. Hotchkis & Wiley Capital Management LLC’s holdings in First Horizon were worth $24,180,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Tidal Investments LLC bought a new stake in First Horizon in the first quarter valued at approximately $207,000. Cetera Advisors LLC boosted its stake in shares of First Horizon by 54.6% in the 1st quarter. Cetera Advisors LLC now owns 28,590 shares of the financial services provider’s stock valued at $440,000 after purchasing an additional 10,103 shares during the last quarter. GAMMA Investing LLC increased its position in shares of First Horizon by 30.8% during the second quarter. GAMMA Investing LLC now owns 6,535 shares of the financial services provider’s stock worth $103,000 after buying an additional 1,538 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of First Horizon by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 46,608 shares of the financial services provider’s stock worth $735,000 after acquiring an additional 34,011 shares in the last quarter. Finally, CWM LLC increased its holdings in First Horizon by 49.2% in the second quarter. CWM LLC now owns 58,107 shares of the financial services provider’s stock worth $916,000 after purchasing an additional 19,157 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling

In other news, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was 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 position. The transaction 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 First Horizon stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This trade represents 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 Price Performance

First Horizon stock opened at $20.62 on Wednesday. First Horizon Co. has a 52 week low of $12.95 and a 52 week high of $21.72. The company’s 50 day moving average price is $17.95 and its two-hundred day moving average price is $16.49. The stock has a market cap of $10.93 billion, a P/E ratio of 14.94, a P/E/G ratio of 1.55 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, equities analysts predict that First Horizon Co. will post 1.49 earnings per share for the current year.

First Horizon declared that its board has authorized a stock repurchase program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are 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 issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.91%. First Horizon’s dividend payout ratio (DPR) is presently 43.48%.

Analyst Ratings Changes

Several brokerages recently issued reports on FHN. JPMorgan Chase & Co. cut their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada upped their price target on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wedbush cut First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Evercore ISI upped their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Stephens lifted their price target on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $19.46.

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.