First Horizon Corporation $FHN Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management lowered its holdings in First Horizon Corporation (NYSE:FHN) by 11.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 442,349 shares of the financial services provider’s stock after selling 58,170 shares during the period. Meritage Portfolio Management owned about 0.09% of First Horizon worth $10,002,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Stephens Inc. AR grew its position in shares of First Horizon by 56.1% during the third quarter. Stephens Inc. AR now owns 249,096 shares of the financial services provider’s stock worth $5,632,000 after buying an additional 89,535 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in First Horizon by 2.9% in the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock valued at $541,000 after acquiring an additional 672 shares in the last quarter. Crew Capital Management Ltd bought a new position in First Horizon during the 3rd quarter valued at $201,000. Allen Capital Group LLC boosted its stake in First Horizon by 1.2% during 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 acquiring an additional 732 shares during the last quarter. Finally, First Horizon Corp acquired a new position in First Horizon during the 3rd quarter worth $2,361,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Down 0.1%

NYSE:FHN opened at $24.08 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average of $23.11 and a 200-day moving average of $22.41. The firm has a market capitalization of $11.85 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 0.86 and a beta of 0.61. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $24.91.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $892.00 million during the quarter, compared to analyst estimates of $863.87 million. First Horizon had a return on equity of 10.93% and a net margin of 18.08%. Analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.5%. First Horizon’s payout ratio is 36.36%.

First Horizon announced that its Board of Directors has authorized a stock repurchase plan on Monday, October 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of First Horizon in a research note on Tuesday, December 16th. They issued a “buy” rating and a $28.00 target price on the stock. Evercore ISI restated an “in-line” rating and set a $20.00 price objective (down previously from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. National Bankshares set a $28.00 target price on First Horizon in a report on Tuesday, December 16th. Keefe, Bruyette & Woods boosted their price target on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Finally, JPMorgan Chase & Co. upped their price target on First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Insider Activity

In related news, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer owned 128,626 shares of the company’s stock, valued at $2,796,329.24. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the transaction, the executive vice president owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their position. The SEC filing for this sale provides additional information. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Company 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.