First Horizon Corporation $FHN Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its stake in shares of First Horizon Corporation (NYSE:FHN) by 24.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,117 shares of the financial services provider’s stock after selling 55,963 shares during the period. Thrivent Financial for Lutherans’ holdings in First Horizon were worth $3,982,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Wellington Shields Capital Management LLC lifted its stake in First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after buying an additional 514 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. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of First Horizon by 57.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 635 shares during the last quarter. Concurrent Investment Advisors LLC increased its position in shares of First Horizon by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock worth $541,000 after purchasing an additional 672 shares in the last quarter. Finally, Allen Capital Group LLC raised its stake in First Horizon by 1.2% in the 3rd quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock valued at $1,376,000 after purchasing an additional 732 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Activity

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction dated Wednesday, November 12th. The shares were 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 in the company, valued at $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony J. Restel sold 5,719 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.87% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FHN has been the topic of several recent research reports. Citigroup lifted their target price on shares of First Horizon from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, December 30th. Jefferies Financial Group set a $25.00 price target on shares of First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of First Horizon in a research note on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on First Horizon in a research report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.63.

First Horizon Stock Performance

First Horizon stock opened at $26.26 on Friday. The firm has a 50 day simple moving average of $24.16 and a 200-day simple moving average of $22.75. The stock has a market cap of $12.93 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 0.99 and a beta of 0.63. 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 Corporation has a 1-year low of $15.19 and a 1-year high of $26.56.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The company had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. During the same period in the prior year, the business posted $0.43 earnings per share. On average, analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

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

First Horizon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is 31.91%.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.