American Century Companies Inc. Sells 40,848 Shares of First Horizon Corporation $FHN

American Century Companies Inc. decreased its position in First Horizon Corporation (NYSE:FHN) by 14.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 242,942 shares of the financial services provider’s stock after selling 40,848 shares during the quarter. American Century Companies Inc.’s holdings in First Horizon were worth $5,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Geneos Wealth Management Inc. grew its position in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. Compass Financial Services Inc purchased a new position in shares of First Horizon in the 1st quarter worth approximately $38,000. Allworth Financial LP increased its position in shares of First Horizon by 57.9% during the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 757 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in First Horizon by 1,579.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock valued at $44,000 after buying an additional 1,959 shares during the period. Finally, Golden State Wealth Management LLC raised its holdings in First Horizon by 2,906.8% during the 2nd quarter. Golden State Wealth Management LLC now owns 2,195 shares of the financial services provider’s stock valued at $47,000 after buying an additional 2,122 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the sale, the executive vice president directly owned 307,432 shares of the company’s stock, valued at $6,551,375.92. The trade was a 33.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.04% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the topic of several recent analyst reports. Truist Financial increased their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. Robert W. Baird set a $25.00 price objective on shares of First Horizon in a research report on Wednesday, October 15th. Wells Fargo & Company decreased their price objective on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. DA Davidson restated a “neutral” rating and set a $24.00 target price on shares of First Horizon in a research report on Thursday, October 16th. Finally, TD Cowen started coverage on First Horizon in a research note on Thursday, September 25th. They set a “hold” rating and a $25.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

First Horizon Stock Down 0.2%

Shares of NYSE:FHN opened at $22.78 on Monday. The business’s 50 day moving average is $21.75 and its 200 day moving average is $21.62. The stock has a market cap of $11.22 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 0.88 and a beta of 0.62. 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.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 10.93% and a net margin of 18.08%.The business had revenue of $893.00 million during the quarter, compared to analysts’ expectations of $848.08 million. During the same period in the prior year, the business earned $0.42 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. Sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its Board of Directors has authorized a share repurchase plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio is presently 36.36%.

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.