Sentry LLC Reduces Holdings in First Horizon Co. (NYSE:FHN)

Sentry LLC cut its position in First Horizon Co. (NYSE:FHN) by 8.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 27,767 shares of the financial services provider’s stock after selling 2,700 shares during the quarter. Sentry LLC’s holdings in First Horizon were worth $559,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake in shares of First Horizon by 5.9% during the second quarter. Envestnet Asset Management Inc. now owns 121,075 shares of the financial services provider’s stock valued at $1,909,000 after acquiring an additional 6,696 shares in the last quarter. Marshall Wace LLP acquired a new stake in First Horizon during the 2nd quarter valued at approximately $267,000. Creative Planning increased its holdings in First Horizon by 11.1% during the 2nd quarter. Creative Planning now owns 82,745 shares of the financial services provider’s stock worth $1,305,000 after purchasing an additional 8,263 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of First Horizon by 57.7% in the 2nd quarter. NewEdge Advisors LLC now owns 349,372 shares of the financial services provider’s stock valued at $5,510,000 after purchasing an additional 127,893 shares in the last quarter. Finally, Truist Financial Corp boosted its stake in shares of First Horizon by 48.9% during the 2nd quarter. Truist Financial Corp now owns 65,402 shares of the financial services provider’s stock valued at $1,031,000 after buying an additional 21,475 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Stephens restated an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Raymond James lifted their price target on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. The Goldman Sachs Group upped their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. UBS Group began coverage on First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Royal Bank of Canada upped their price target on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.04.

Insider Activity at First Horizon

In other First Horizon 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 transaction of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were 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 owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 220,954 shares of company stock worth $4,519,333 over the last ninety days. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Trading Up 1.3 %

First Horizon stock opened at $21.57 on Thursday. The firm has a 50-day moving average price of $20.61 and a two-hundred day moving average price of $18.00. First Horizon Co. has a 52-week low of $13.45 and a 52-week high of $22.03. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.19 and a beta of 0.92. 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 issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping 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 prior year, the firm earned $0.32 earnings per share. Sell-side analysts expect that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders 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 2.78%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is 44.12%.

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