First Horizon Corporation $FHN Position Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its position in First Horizon Corporation (NYSE:FHN) by 17.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,576,134 shares of the financial services provider’s stock after selling 1,162,294 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.13% of First Horizon worth $126,076,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new position in First Horizon in the 3rd quarter worth approximately $25,000. Navigoe LLC purchased a new stake in shares of First Horizon in the third quarter valued at $25,000. Root Financial Partners LLC acquired a new stake in shares of First Horizon in the third quarter worth $31,000. Kestra Investment Management LLC grew its holdings in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its position in First Horizon by 122.3% during the third quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider’s stock valued at $37,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE FHN opened at $25.23 on Monday. The business’s 50-day simple moving average is $24.56 and its 200-day simple moving average is $22.96. 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 Corporation has a 52 week low of $15.19 and a 52 week high of $26.56. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 0.95 and a beta of 0.63.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The firm had revenue of $892.00 million during the quarter, compared to analysts’ expectations of $863.87 million. During the same quarter in the prior year, the business earned $0.43 earnings per share. As a group, equities research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is currently 31.91%.

First Horizon announced that its board has initiated a share buyback plan on Monday, October 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FHN shares. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $28.00 target price on shares of First Horizon in a research note on Monday, January 12th. Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, January 16th. TD Cowen increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, January 16th. Barclays lifted their target price on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Finally, Stephens upped their price target on shares of First Horizon from $28.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $26.63.

Insider Transactions at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the transaction, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.04% of the company’s stock.

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.