First Horizon Corporation $FHN Holdings Decreased by Leeward Investments LLC MA

Leeward Investments LLC MA reduced its holdings in First Horizon Corporation (NYSE:FHN) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,727,859 shares of the financial services provider’s stock after selling 48,044 shares during the period. First Horizon comprises about 2.0% of Leeward Investments LLC MA’s holdings, making the stock its 3rd largest holding. Leeward Investments LLC MA’s holdings in First Horizon were worth $39,067,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of First Horizon by 313.2% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock worth $1,406,000 after purchasing an additional 47,119 shares in the last quarter. First Horizon Corp acquired a new position in First Horizon in the third quarter worth approximately $2,361,000. Allianz Asset Management GmbH bought a new position in First Horizon during the third quarter valued at approximately $6,416,000. Voya Investment Management LLC lifted its stake in First Horizon by 301.4% in the third quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock valued at $5,197,000 after acquiring an additional 172,599 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in First Horizon in the third quarter valued at approximately $1,211,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by company insiders.

First Horizon Trading Up 0.2%

Shares of First Horizon stock opened at $24.58 on Friday. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $26.56. The company’s fifty day simple moving average is $24.41 and its 200-day simple moving average is $22.84. The company has a market cap of $12.10 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 0.93 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The company had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. During the same period last year, the business posted $0.43 EPS. As a group, sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its board has authorized a share buyback program on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a dividend of $0.17 per share. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio is presently 31.91%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. National Bank Financial set a $27.00 target price on First Horizon in a report on Friday, January 16th. Royal Bank Of Canada reiterated an “outperform” rating and set a $28.00 price target on shares of First Horizon in a research note on Monday, January 12th. Citigroup increased their price objective on First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. Finally, Barclays boosted their target price on First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.63.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.