LSV Asset Management Sells 467,211 Shares of First Horizon Co. (NYSE:FHN)

LSV Asset Management reduced its stake in shares of First Horizon Co. (NYSE:FHN) by 3.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,596,738 shares of the financial services provider’s stock after selling 467,211 shares during the quarter. LSV Asset Management owned approximately 2.56% of First Horizon worth $273,838,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after acquiring an additional 3,400,811 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new stake in shares of First Horizon in the 4th quarter worth $304,000. Merit Financial Group LLC acquired a new stake in shares of First Horizon in the 4th quarter worth $453,000. Smith Group Asset Management LLC acquired a new stake in shares of First Horizon in the 4th quarter worth $1,813,000. Finally, Johnson Investment Counsel Inc. increased its position in shares of First Horizon by 2.8% during the 4th quarter. Johnson Investment Counsel Inc. now owns 2,661,592 shares of the financial services provider’s stock worth $53,604,000 after purchasing an additional 72,339 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FHN shares. Raymond James decreased their target price on First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Wells Fargo & Company cut their price objective on First Horizon from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods raised their target price on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Citigroup lifted their target price on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Barclays decreased their target price on First Horizon from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.30.

First Horizon Stock Performance

Shares of NYSE FHN opened at $18.06 on Thursday. The company’s fifty day moving average price is $19.91 and its 200 day moving average price is $19.44. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The company has a market capitalization of $9.29 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.15 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.32%. First Horizon’s payout ratio is 44.12%.

Insider Buying and Selling at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Company Profile

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.