First Horizon Co. (NYSE:FHN) Shares Sold by Stokes Family Office LLC

Stokes Family Office LLC lowered its holdings in shares of First Horizon Co. (NYSE:FHN) by 2.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,502 shares of the financial services provider’s stock after selling 2,779 shares during the period. Stokes Family Office LLC’s holdings in First Horizon were worth $1,381,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Macroview Investment Management LLC acquired a new position in First Horizon during the third quarter worth about $25,000. Byrne Asset Management LLC acquired a new stake in First Horizon during the 4th quarter valued at $40,000. Covestor Ltd lifted its stake in First Horizon by 268.5% in the 3rd quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 3,668 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of First Horizon in the fourth quarter worth approximately $56,000. Finally, Spire Wealth Management boosted its stake in shares of First Horizon by 57.3% during the 3rd quarter. Spire Wealth Management now owns 5,244 shares of the financial services provider’s stock valued at $58,000 after buying an additional 1,910 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FHN shares. StockNews.com downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday. Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Robert W. Baird boosted their price target on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, April 18th. Barclays assumed coverage on shares of First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 price objective on the stock. Finally, Evercore ISI boosted their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Stock Performance

Shares of FHN stock traded up $0.13 during trading hours on Friday, reaching $15.80. 11,332,060 shares of the company’s stock were exchanged, compared to its average volume of 7,192,753. The business has a fifty day moving average price of $14.73 and a 200-day moving average price of $13.65. The stock has a market capitalization of $8.77 billion, a P/E ratio of 11.05, a P/E/G ratio of 4.14 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $15.96.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period in the prior year, the company earned $0.46 EPS. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. Analysts predict that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.80%. First Horizon’s dividend payout ratio is 41.96%.

First Horizon announced that its Board of Directors has authorized a stock buyback program on Tuesday, January 23rd that permits the company to buyback $650.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

About First Horizon

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.