Ethic Inc. Decreases Holdings in First Horizon Corporation $FHN

Ethic Inc. cut its stake in shares of First Horizon Corporation (NYSE:FHN) by 11.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,470 shares of the financial services provider’s stock after selling 3,317 shares during the period. Ethic Inc.’s holdings in First Horizon were worth $536,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. grew its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares during the period. Compass Financial Services Inc bought a new position in First Horizon in the 1st quarter worth $38,000. Quarry LP boosted its holdings in First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after buying an additional 1,243 shares during the period. Golden State Wealth Management LLC boosted its holdings in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock worth $52,000 after buying an additional 2,658 shares during the period. Finally, FNY Investment Advisers LLC boosted its holdings in First Horizon by 782.8% in the 2nd quarter. FNY Investment Advisers LLC now owns 2,560 shares of the financial services provider’s stock worth $54,000 after buying an additional 2,270 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 0.5%

Shares of FHN stock opened at $21.10 on Wednesday. The stock has a market cap of $10.71 billion, a P/E ratio of 12.78, a PEG ratio of 0.85 and a beta of 0.67. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.70. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company’s fifty day simple moving average is $22.24 and its two-hundred day simple moving average is $20.97.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. The business had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. Analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon declared that its board has initiated a share buyback plan 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 purchase up to 11.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio is currently 36.36%.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.04% of the company’s stock.

Wall Street Analyst Weigh In

FHN has been the subject of several recent analyst reports. Bank of America upped their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Royal Bank Of Canada upped their target price on shares of First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. DA Davidson reaffirmed a “neutral” rating and issued a $24.00 target price on shares of First Horizon in a report on Thursday, October 16th. Wells Fargo & Company dropped their target price on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Finally, Evercore ISI reaffirmed an “in-line” rating and issued a $20.00 target price (down previously from $26.00) on shares of First Horizon in a report on Thursday, October 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.47.

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.