Rhumbline Advisers Sells 4,295 Shares of First Horizon Co. (NYSE:FHN)

Rhumbline Advisers lowered its position in shares of First Horizon Co. (NYSE:FHN) by 0.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,484,513 shares of the financial services provider’s stock after selling 4,295 shares during the quarter. Rhumbline Advisers owned 0.28% of First Horizon worth $29,898,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Citigroup Inc. increased its stake in First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after acquiring an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of 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 valued at $13,482,000 after purchasing an additional 100,359 shares during the last quarter. Allen Capital Group LLC boosted its stake in 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 buying an additional 29,581 shares during the period. Merit Financial Group LLC purchased a new stake in shares of First Horizon in the fourth quarter valued at $453,000. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of First Horizon in the 4th quarter worth about $304,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was 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 in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.87% of the company’s stock.

First Horizon Trading Up 0.3 %

Shares of NYSE:FHN opened at $22.17 on Wednesday. The business’s 50-day moving average is $20.97 and its 200 day moving average is $18.56. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The firm has a market capitalization of $11.75 billion, a P/E ratio of 16.30, a P/E/G ratio of 1.26 and a beta of 0.92.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating the consensus estimate 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 last year, the company posted $0.32 earnings per share. On average, research analysts predict that First Horizon Co. will post 1.64 earnings per share for the current fiscal year.

First Horizon announced that its board has approved a share buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.71%. First Horizon’s payout ratio is currently 44.12%.

Analyst Ratings Changes

A number of analysts recently weighed in on FHN shares. UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. The Goldman Sachs Group upped their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company increased their price objective on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Royal Bank of Canada lifted their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. increased their price target on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.04.

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.