Boston Partners Sells 24,007 Shares of First Horizon Corporation $FHN

Boston Partners decreased its position in First Horizon Corporation (NYSE:FHN) by 6.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 371,711 shares of the financial services provider’s stock after selling 24,007 shares during the quarter. Boston Partners’ holdings in First Horizon were worth $7,881,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Cary Street Partners Financial LLC lifted its stake in First Horizon by 713.3% in the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock valued at $2,933,000 after acquiring an additional 132,481 shares in the last quarter. Baird Financial Group Inc. acquired a new stake in shares of First Horizon in the first quarter valued at approximately $7,506,000. American Century Companies Inc. lifted its position in shares of First Horizon by 12.5% in the first quarter. American Century Companies Inc. now owns 283,790 shares of the financial services provider’s stock worth $5,511,000 after purchasing an additional 31,576 shares in the last quarter. Maverick Capital Ltd. boosted its holdings in First Horizon by 117.7% during the first quarter. Maverick Capital Ltd. now owns 35,493 shares of the financial services provider’s stock worth $689,000 after purchasing an additional 19,191 shares during the last quarter. Finally, Wealth Preservation Advisors LLC bought a new position in First Horizon in the first quarter valued at $983,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

NYSE:FHN opened at $22.34 on Friday. The company has a market cap of $11.00 billion, a P/E ratio of 13.54, a P/E/G ratio of 0.81 and a beta of 0.70. The firm’s fifty day moving average price is $21.76 and its two-hundred day moving average price is $21.51. First Horizon Corporation has a one year low of $15.19 and a one year high of $23.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 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 business had revenue of $893.00 million during the quarter, compared to the consensus estimate of $848.08 million. During the same quarter in the previous year, the firm posted $0.42 EPS. First Horizon’s revenue was up 7.4% compared to the same quarter last year. Equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders 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 dividend yield of 2.7%. First Horizon’s dividend payout ratio is presently 36.36%.

First Horizon announced that its Board of Directors has authorized a stock repurchase program on Monday, October 27th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, October 16th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Robert W. Baird set a $25.00 price target on First Horizon in a research note on Wednesday, October 15th. Royal Bank Of Canada boosted their price target on First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the company a “buy” rating in a report on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.50.

Insider Buying and Selling

In related news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total transaction of $165,637.06. Following the completion of the sale, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the business’s 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 completion of the sale, the executive vice president owned 307,432 shares of the company’s stock, valued at $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.04% of the stock is currently owned by company 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.