First Horizon Co. (NYSE:FHN) Shares Sold by Moors & Cabot Inc.

Moors & Cabot Inc. trimmed its holdings in First Horizon Co. (NYSE:FHN) by 10.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 37,350 shares of the financial services provider’s stock after selling 4,136 shares during the period. Moors & Cabot Inc.’s holdings in First Horizon were worth $580,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC raised its stake in 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 acquiring an additional 100,359 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of First Horizon by 286.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock worth $1,012,000 after purchasing an additional 48,720 shares during the last quarter. Greenwood Capital Associates LLC lifted its holdings in shares of First Horizon by 10.1% during the third quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock worth $7,229,000 after purchasing an additional 42,793 shares during the period. Harbor Capital Advisors Inc. grew its position in First Horizon by 127.1% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider’s stock valued at $1,644,000 after buying an additional 59,258 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in First Horizon in the 3rd quarter valued at $2,669,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FHN. Royal Bank of Canada raised their target price on shares of First Horizon from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. reduced 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 report on Wednesday, October 9th. Robert W. Baird set a $17.00 target price on First Horizon in a research report on Thursday, October 17th. Barclays raised their price target on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Stephens upped their price objective on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $18.38.

Insider Buying and Selling at First Horizon

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

First Horizon Stock Up 3.8 %

First Horizon stock opened at $20.93 on Friday. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two week high of $21.01. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 15.17, a price-to-earnings-growth ratio of 1.50 and a beta of 0.86. The stock’s fifty day moving average is $17.32 and its two-hundred day moving average is $16.26. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. During the same period last year, the firm posted $0.27 EPS. Analysts predict that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Friday, December 13th. First Horizon’s payout ratio is currently 43.48%.

First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.