Private Management Group Inc. Has $20.26 Million Stock Position in First Horizon Co. (NYSE:FHN)

Private Management Group Inc. lessened its stake in First Horizon Co. (NYSE:FHN) by 18.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,006,021 shares of the financial services provider’s stock after selling 222,827 shares during the quarter. Private Management Group Inc. owned approximately 0.19% of First Horizon worth $20,261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall Wace LLP acquired a new stake in First Horizon in the second quarter valued at $267,000. Creative Planning raised its holdings in shares of First Horizon by 11.1% in the 2nd quarter. Creative Planning now owns 82,745 shares of the financial services provider’s stock valued at $1,305,000 after purchasing an additional 8,263 shares during the period. Truist Financial Corp lifted its stake in First Horizon by 48.9% in the 2nd quarter. Truist Financial Corp now owns 65,402 shares of the financial services provider’s stock valued at $1,031,000 after purchasing an additional 21,475 shares during the last quarter. Cetera Investment Advisers grew its holdings in First Horizon by 79.7% during the second quarter. Cetera Investment Advisers now owns 105,574 shares of the financial services provider’s stock worth $1,665,000 after purchasing an additional 46,812 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in First Horizon during the second quarter worth approximately $312,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

First Horizon Price Performance

First Horizon stock opened at $22.06 on Thursday. The firm has a market cap of $11.69 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. 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’s fifty day moving average price is $20.70 and its two-hundred day moving average price is $18.18. First Horizon Co. has a one year low of $13.45 and a one year high of $22.10.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping 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 company earned $0.32 EPS. As a group, research analysts expect 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 will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is presently 44.12%.

First Horizon announced that its board has authorized a share repurchase plan 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 repurchase up to 10.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction 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 First Horizon stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $19.92, for a total value of $199,200.00. Following the completion of the transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by 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.