Red Door Wealth Management LLC Sells 4,402 Shares of First Horizon Co. (NYSE:FHN)

Red Door Wealth Management LLC decreased its position in First Horizon Co. (NYSE:FHN) by 18.9% during the 4th quarter, Holdings Channel reports. The firm owned 18,941 shares of the financial services provider’s stock after selling 4,402 shares during the period. Red Door Wealth Management LLC’s holdings in First Horizon were worth $381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. UMB Bank n.a. grew its holdings in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 1,325 shares during the last quarter. Nemes Rush Group LLC grew its holdings in shares of First Horizon by 306.2% in the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,378 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares during the last quarter. Covestor Ltd grew its holdings 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 purchasing an additional 651 shares during the last quarter. Finally, True Wealth Design LLC bought a new position in shares of First Horizon in the third quarter worth approximately $36,000. Institutional investors own 80.28% of the company’s stock.

Insider Transactions at First Horizon

In other news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the transaction, the executive vice president now owns 519,926 shares of the company’s stock, valued at $10,278,937.02. The trade was a 16.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 220,954 shares of company stock valued at $4,519,333 in the last quarter. 0.87% of the stock is owned by insiders.

First Horizon Stock Performance

Shares of First Horizon stock opened at $21.05 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $11.16 billion, a P/E ratio of 15.48, a P/E/G ratio of 1.19 and a beta of 0.92. The business has a fifty day simple moving average of $20.53 and a two-hundred day simple moving average of $17.88. First Horizon Co. has a 12 month low of $13.45 and a 12 month high of $21.82.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS 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 last year, the company earned $0.32 earnings per share. On average, equities analysts forecast that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has authorized a share buyback program on Tuesday, October 29th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio is presently 44.12%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FHN. Bank of America raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Barclays lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Wells Fargo & Company lifted their price target on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. UBS Group assumed coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target on the stock. Finally, Royal Bank of Canada lifted their price target on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average 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.