Johnson Investment Counsel Inc. Has $70.53 Million Stake in First Horizon Corporation $FHN

Johnson Investment Counsel Inc. lowered its position in shares of First Horizon Corporation (NYSE:FHN) by 1.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,119,409 shares of the financial services provider’s stock after selling 32,713 shares during the period. Johnson Investment Counsel Inc. owned about 0.61% of First Horizon worth $70,530,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Navigoe LLC bought a new stake in shares of First Horizon during the third quarter worth about $25,000. Atlantic Union Bankshares Corp bought a new stake in First Horizon during the 3rd quarter worth approximately $25,000. Root Financial Partners LLC acquired a new position in First Horizon in the 3rd quarter valued at approximately $31,000. Kestra Investment Management LLC increased its position in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in shares of First Horizon by 156.7% during the first 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 last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FHN. Zacks Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating in a report on Friday, January 16th. DA Davidson increased their price target on First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, January 16th. Citigroup lifted their price objective on First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Horizon in a report on Monday, December 29th. Finally, Raymond James Financial boosted their price target on shares of First Horizon from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. 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, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $26.63.

First Horizon Price Performance

First Horizon stock opened at $26.07 on Tuesday. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of 13.87, a PEG 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. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock’s 50 day moving average price is $24.23 and its two-hundred day moving average price is $22.77.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The company had revenue of $892.00 million for the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter in the previous year, the company earned $0.43 EPS. On average, equities analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders 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. 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 2.6%. First Horizon’s payout ratio is currently 31.91%.

First Horizon announced that its Board of Directors has approved a share buyback plan on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

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 of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.04% of the company’s stock.

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.