Savant Capital LLC Sells 3,577 Shares of First Horizon Corporation $FHN

Savant Capital LLC reduced its position in shares of First Horizon Corporation (NYSE:FHN) by 4.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 69,088 shares of the financial services provider’s stock after selling 3,577 shares during the quarter. Savant Capital LLC’s holdings in First Horizon were worth $1,465,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FHN. Geneos Wealth Management Inc. increased its position 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 in the last quarter. Compass Financial Services Inc bought a new stake in shares of First Horizon in the 1st quarter worth $38,000. Hantz Financial Services Inc. raised its stake in shares of First Horizon by 1,579.8% in the second quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 1,959 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of First Horizon by 2,906.8% during the second quarter. Golden State Wealth Management LLC now owns 2,195 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 2,122 shares in the last quarter. Finally, Quarry LP boosted its position in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,243 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Transactions at First Horizon

In other news, EVP David T. Popwell sold 155,149 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $21.31, for a total value of $3,306,225.19. Following the sale, the executive vice president owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This represents a 33.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Price Performance

Shares of First Horizon stock opened at $21.69 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.70. The stock’s 50-day simple moving average is $22.02 and its 200-day simple moving average is $21.28. The company has a market capitalization of $11.01 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 0.81 and a beta of 0.70.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating 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 analysts’ expectations of $848.08 million. During the same period last year, the company posted $0.42 earnings per share. First Horizon’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has initiated a share buyback program on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board 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 paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s payout ratio is presently 36.36%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FHN. Wells Fargo & Company decreased their target price on First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. Cowen initiated coverage on shares of First Horizon in a research report on Wednesday, September 24th. They issued a “hold” rating for the company. DA Davidson reiterated a “neutral” rating and set a $24.00 price objective on shares of First Horizon in a research report on Thursday, October 16th. JPMorgan Chase & Co. dropped their target price on First Horizon from $25.00 to $23.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. Finally, Robert W. Baird set a $25.00 price objective on shares of First Horizon in a research note on Wednesday, October 15th. 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.41.

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.