First Horizon Co. (NYSE:FHN) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in First Horizon Co. (NYSE:FHN) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,233,797 shares of the financial services provider’s stock after selling 45,406 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.23% of First Horizon worth $19,161,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP increased its holdings in First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Millennium Management LLC raised its position in First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares during the period. LSV Asset Management lifted its stake in First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares in the last quarter. Finally, Sculptor Capital LP boosted its position in shares of First Horizon by 18.2% during the second quarter. Sculptor Capital LP now owns 10,200,000 shares of the financial services provider’s stock worth $160,854,000 after buying an additional 1,570,000 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Up 0.2 %

Shares of NYSE:FHN opened at $21.13 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $11.20 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.57 and a beta of 0.86. First Horizon Co. has a 1-year low of $12.40 and a 1-year high of $21.72. The firm has a fifty day moving average price of $17.85 and a 200 day moving average price of $16.45.

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

First Horizon announced that its Board of Directors has approved a stock repurchase program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.84%. First Horizon’s dividend payout ratio (DPR) is 43.48%.

Insider Buying and Selling at First Horizon

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Stephens increased their price target on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays lifted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $17.00 in a research note on Tuesday, September 24th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.71.

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.