Wells Fargo & Company MN Sells 23,359 Shares of First Horizon Co. (NYSE:FHN)

Wells Fargo & Company MN lessened its holdings in First Horizon Co. (NYSE:FHN) by 3.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 710,736 shares of the financial services provider’s stock after selling 23,359 shares during the period. Wells Fargo & Company MN owned 0.13% of First Horizon worth $14,314,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Thoroughbred Financial Services LLC boosted its position in shares of First Horizon by 4.8% during the 4th quarter. Thoroughbred Financial Services LLC now owns 14,621 shares of the financial services provider’s stock valued at $294,000 after acquiring an additional 676 shares during the last quarter. ExodusPoint Capital Management LP lifted its position in First Horizon by 700.1% during the fourth quarter. ExodusPoint Capital Management LP now owns 1,320,187 shares of the financial services provider’s stock valued at $26,589,000 after purchasing an additional 1,155,187 shares during the last quarter. Cinctive Capital Management LP purchased a new position in First Horizon in the 4th quarter worth approximately $3,942,000. Headlands Technologies LLC increased its holdings in shares of First Horizon by 505.8% in the 4th quarter. Headlands Technologies LLC now owns 36,178 shares of the financial services provider’s stock worth $729,000 after buying an additional 30,206 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of First Horizon during the 4th quarter valued at $691,000. Institutional investors own 80.28% of the company’s stock.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction dated 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 directly 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.87% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FHN. Baird R W raised First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Bank of America increased their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Stephens reissued an “overweight” rating and set a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $22.30.

First Horizon Price Performance

Shares of First Horizon stock opened at $17.29 on Tuesday. The company has a market cap of $8.89 billion, a PE ratio of 12.71, a P/E/G ratio of 1.19 and a beta of 0.60. The business has a 50 day moving average of $19.63 and a 200 day moving average of $19.51. First Horizon Co. has a 52 week low of $13.72 and a 52 week high of $22.44. 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 earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping 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 in the previous year, the business posted $0.32 earnings per share. As a group, equities research analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.47%. The ex-dividend date was Friday, March 14th. First Horizon’s dividend payout ratio is currently 44.12%.

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.