Thrivent Financial for Lutherans Sells 55,963 Shares of First Horizon Corporation $FHN

Thrivent Financial for Lutherans cut its position in First Horizon Corporation (NYSE:FHN) by 24.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 176,117 shares of the financial services provider’s stock after selling 55,963 shares during the quarter. Thrivent Financial for Lutherans’ holdings in First Horizon were worth $3,982,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake in First Horizon by 313.2% in 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 purchased a new position in shares of First Horizon in the third quarter worth $2,361,000. Voya Investment Management LLC lifted its stake in shares of First Horizon by 301.4% during the third quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock worth $5,197,000 after buying an additional 172,599 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of First Horizon during the third quarter valued at $1,211,000. Finally, Apollon Wealth Management LLC grew its holdings in shares of First Horizon by 70.9% during the third quarter. Apollon Wealth Management LLC now owns 97,889 shares of the financial services provider’s stock valued at $2,213,000 after buying an additional 40,604 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.87% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FHN. JPMorgan Chase & Co. raised their target price on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 16th. Weiss Ratings restated a “hold (c+)” rating on shares of First Horizon in a research note on Monday, December 29th. Raymond James Financial lifted their target price on First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Evercore reiterated an “in-line” rating and issued a $20.00 target price (down previously from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. Finally, Barclays raised their price target on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.63.

First Horizon Stock Up 1.6%

First Horizon stock opened at $26.26 on Friday. The business’s 50-day moving average price is $24.16 and its 200 day moving average price is $22.75. 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 firm has a market cap of $12.93 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 0.99 and a beta of 0.63. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $26.56.

First Horizon (NYSE:FHN) last released 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. The business had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the prior year, the firm posted $0.43 EPS. As a group, sell-side analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a share repurchase 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 buy up to 11.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is 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 given a dividend of $0.17 per share. This is a boost from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, March 13th. First Horizon’s dividend payout ratio (DPR) is 31.91%.

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.