Abich Financial Wealth Management LLC lessened its holdings in First Horizon Co. (NYSE:FHN – Free Report) by 51.5% during the third quarter, Holdings Channel.com reports. The firm owned 1,799 shares of the financial services provider’s stock after selling 1,908 shares during the quarter. Abich Financial Wealth Management LLC’s holdings in First Horizon were worth $28,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the business. UMB Bank n.a. increased its holdings in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares during the period. Fidelis Capital Partners LLC bought a new position in First Horizon during the 1st quarter worth approximately $28,000. Family Firm Inc. purchased a new position in First Horizon in the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC lifted its position in First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in shares of First Horizon during the second quarter valued at approximately $31,000. 80.28% of the stock is owned by institutional investors.
First Horizon Stock Performance
Shares of FHN stock opened at $17.30 on Wednesday. The company’s fifty day moving average price is $16.13 and its 200-day moving average price is $15.71. The stock has a market cap of $9.46 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.30 and a beta of 0.88. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12 month low of $10.50 and a 12 month high of $17.68.
First Horizon Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.47%. First Horizon’s payout ratio is 41.96%.
First Horizon declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 10.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
FHN has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada raised their target price on First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird set a $17.00 price target on First Horizon in a research report on Thursday, October 17th. Finally, Stephens lifted their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.77.
Read Our Latest Stock Analysis on FHN
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.
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