Phocas Financial Corp. Lowers Position in First Horizon Co. (NYSE:FHN)

Phocas Financial Corp. reduced its position in First Horizon Co. (NYSE:FHN) by 85.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 79,971 shares of the financial services provider’s stock after selling 453,324 shares during the quarter. First Horizon comprises about 1.2% of Phocas Financial Corp.’s investment portfolio, making the stock its 20th biggest position. Phocas Financial Corp.’s holdings in First Horizon were worth $1,611,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc lifted its holdings in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 884 shares in the last quarter. Kentucky Trust Co acquired a new position in shares of First Horizon during the fourth quarter worth about $32,000. Covestor Ltd boosted its position in shares of First Horizon by 44.0% in the third quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after buying an additional 651 shares during the period. True Wealth Design LLC acquired a new stake in shares of First Horizon in the third quarter valued at about $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of First Horizon by 335.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after buying an additional 2,000 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $20.71 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The firm has a 50-day simple moving average of $21.06 and a 200 day simple moving average of $18.78. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44. The company has a market cap of $10.98 billion, a PE ratio of 15.22, a P/E/G ratio of 1.19 and a beta of 0.92.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the company posted $0.32 EPS. On average, sell-side analysts anticipate that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon declared that its Board of Directors has approved a share buyback program on Tuesday, October 29th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 10.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 2.90%. First Horizon’s dividend payout ratio is 44.12%.

Analyst Ratings Changes

FHN has been the subject of several recent research reports. UBS Group assumed coverage on shares of First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective for the company. Bank of America raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. boosted their price target on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada raised their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.04.

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.