Investors Research Corp Sells 27,520 Shares of First Horizon Corporation $FHN

Investors Research Corp cut its position in First Horizon Corporation (NYSE:FHN) by 45.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,555 shares of the financial services provider’s stock after selling 27,520 shares during the period. Investors Research Corp’s holdings in First Horizon were worth $778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. AMG National Trust Bank boosted its holdings in First Horizon by 0.6% in the 3rd quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider’s stock worth $2,314,000 after buying an additional 575 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 635 shares during the period. Concurrent Investment Advisors LLC raised its holdings in First Horizon by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock valued at $541,000 after acquiring an additional 672 shares during the period. Allen Capital Group LLC lifted its position in shares of First Horizon by 1.2% in the third quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock valued at $1,376,000 after acquiring an additional 732 shares in the last quarter. Finally, Allworth Financial LP lifted its position in shares of First Horizon by 57.9% in the second quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 757 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total transaction of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the subject of several research analyst reports. Zacks Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Deutsche Bank Aktiengesellschaft started coverage on First Horizon in a report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price target on the stock. Citigroup upped their price target on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, December 16th. Finally, TD Cowen lifted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.66.

First Horizon Stock Performance

NYSE:FHN opened at $21.72 on Friday. The firm has a market capitalization of $10.37 billion, a PE ratio of 11.55, a PEG ratio of 0.82 and a beta of 0.61. The stock’s fifty day moving average is $24.11 and its 200 day moving average is $23.08. First Horizon Corporation has a fifty-two week low of $15.19 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 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 during the quarter, compared to analyst estimates of $863.87 million. During the same period in the previous year, the firm earned $0.43 earnings per share. On average, sell-side analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

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. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is presently 36.17%.

First Horizon 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.