Financial Partners Group LLC Has $2.07 Million Position in First Horizon Co. (NYSE:FHN)

Financial Partners Group LLC cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 13.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 102,641 shares of the financial services provider’s stock after selling 16,089 shares during the period. First Horizon comprises approximately 0.9% of Financial Partners Group LLC’s portfolio, making the stock its 29th largest position. Financial Partners Group LLC’s holdings in First Horizon were worth $2,067,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. lifted its position in shares of First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after purchasing an additional 285,108 shares during the period. Los Angeles Capital Management LLC increased its position in shares of First Horizon by 13.1% during the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after acquiring an additional 100,359 shares in the last quarter. Allen Capital Group LLC raised its holdings in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after acquiring an additional 29,581 shares during the last quarter. Greenwood Capital Associates LLC lifted its position in First Horizon by 10.1% in the 3rd quarter. Greenwood Capital Associates LLC now owns 465,513 shares of the financial services provider’s stock valued at $7,229,000 after acquiring an additional 42,793 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in First Horizon during the 3rd quarter valued at about $2,669,000. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

FHN stock opened at $20.90 on Friday. The firm has a 50 day simple moving average of $20.52 and a two-hundred day simple moving average of $17.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $11.08 billion, a PE ratio of 15.36, a P/E/G ratio of 1.19 and a beta of 0.92. First Horizon Co. has a one year low of $13.45 and a one year high of $21.82.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the firm earned $0.32 EPS. On average, analysts predict that First Horizon Co. will post 1.63 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a $0.15 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a yield of 2.87%. First Horizon’s payout ratio is 44.12%.

First Horizon announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FHN. Raymond James raised their target price on First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 8th. UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective on the stock. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Keefe, Bruyette & Woods raised their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. Finally, Bank of America upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.04.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now directly owns 166,840 shares in the company, valued at approximately $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 220,954 shares of company stock valued at $4,519,333 over the last quarter. 0.87% of the stock is 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.