Summit Investment Advisors Inc. Decreases Stock Position in First Horizon Corporation $FHN

Summit Investment Advisors Inc. lowered its holdings in shares of First Horizon Corporation (NYSE:FHN) by 1.8% in the first quarter, HoldingsChannel.com reports. The fund owned 167,200 shares of the financial services provider’s stock after selling 3,084 shares during the quarter. Summit Investment Advisors Inc.’s holdings in First Horizon were worth $3,247,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FHN. Wellington Shields Capital Management LLC raised its position in shares of First Horizon by 1.9% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 514 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of First Horizon by 1.0% in the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock valued at $1,175,000 after acquiring an additional 575 shares in the last quarter. Inspire Investing LLC lifted its position in shares of First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 624 shares in the last quarter. Signaturefd LLC boosted its stake in shares of First Horizon by 4.8% during the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock valued at $270,000 after acquiring an additional 635 shares during the last quarter. Finally, Greenleaf Trust increased its position in First Horizon by 3.9% during the 1st quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 779 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 0.8%

FHN opened at $21.52 on Friday. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.70. The firm has a 50 day moving average price of $22.04 and a 200 day moving average price of $21.20. 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 company has a market cap of $10.93 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 0.81 and a beta of 0.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The company had revenue of $893.00 million during the quarter, compared to analyst estimates of $848.08 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. Sell-side analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon declared that its board has authorized a share buyback program on Monday, October 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.60 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is 36.36%.

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 155,149 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total value of $3,306,225.19. Following the completion of the sale, the executive vice president owned 307,432 shares in the company, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.87% of the stock is owned by insiders.

Analysts Set New Price Targets

FHN has been the topic of a number of recent research reports. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Wells Fargo & Company cut their price target on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. TD Cowen initiated coverage on First Horizon in a report on Thursday, September 25th. They set a “hold” rating and a $25.00 price objective on the stock. Robert W. Baird set a $25.00 target price on First Horizon in a research note on Wednesday, October 15th. Finally, Truist Financial increased their target price on First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $24.47.

First Horizon 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.