HighTower Advisors LLC Sells 44,296 Shares of First Horizon Co. (NYSE:FHN)

HighTower Advisors LLC trimmed its stake in shares of First Horizon Co. (NYSE:FHN) by 42.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 59,935 shares of the financial services provider’s stock after selling 44,296 shares during the quarter. HighTower Advisors LLC’s holdings in First Horizon were worth $1,207,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FHN. Moors & Cabot Inc. lifted its holdings in First Horizon by 6.6% in the fourth quarter. Moors & Cabot Inc. now owns 39,800 shares of the financial services provider’s stock worth $802,000 after buying an additional 2,450 shares during the period. Independent Advisor Alliance boosted its holdings in shares of First Horizon by 1.1% during the 4th quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider’s stock valued at $1,163,000 after buying an additional 632 shares in the last quarter. Johnson Investment Counsel Inc. grew its position in shares of First Horizon by 2.8% in the 4th quarter. Johnson Investment Counsel Inc. now owns 2,661,592 shares of the financial services provider’s stock worth $53,604,000 after buying an additional 72,339 shares during the period. Isthmus Partners LLC increased its stake in shares of First Horizon by 4.3% in the 4th quarter. Isthmus Partners LLC now owns 23,572 shares of the financial services provider’s stock worth $475,000 after acquiring an additional 967 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in First Horizon by 12.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 129,725 shares of the financial services provider’s stock valued at $2,613,000 after acquiring an additional 14,017 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FHN shares. JPMorgan Chase & Co. increased their target price on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Stephens reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Bank of America increased their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Citigroup lifted their price objective on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $22.23.

First Horizon Stock Up 0.6 %

Shares of FHN stock opened at $19.77 on Wednesday. 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 Co. has a 52 week low of $13.72 and a 52 week high of $22.44. The company’s fifty day simple moving average is $20.77 and its two-hundred day simple moving average is $19.28. The stock has a market cap of $10.16 billion, a P/E ratio of 14.54, a PEG ratio of 1.19 and a beta of 0.86.

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 net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the firm posted $0.32 EPS. Analysts predict that First Horizon Co. will post 1.67 EPS 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. Shareholders of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.03%. First Horizon’s payout ratio is 44.12%.

Insiders Place Their Bets

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 shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.87% of the company’s stock.

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.