Summit Financial Wealth Advisors LLC Cuts Holdings in First Horizon Co. (NYSE:FHN)

Summit Financial Wealth Advisors LLC cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 1.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 106,114 shares of the financial services provider’s stock after selling 1,500 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in First Horizon were worth $1,648,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FHN. CIBC Asset Management Inc raised its position in First Horizon by 3.5% during the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 559 shares during the period. Covestor Ltd increased its stake in shares of First Horizon by 44.0% during 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 in the last quarter. Access Investment Management LLC raised its position in shares of First Horizon by 0.8% during the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock worth $1,382,000 after purchasing an additional 715 shares during the last quarter. Simplicity Wealth LLC lifted its stake in First Horizon by 2.8% in the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after buying an additional 786 shares in the last quarter. Finally, KMG Fiduciary Partners LLC boosted its holdings in First Horizon by 0.6% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 150,201 shares of the financial services provider’s stock worth $2,333,000 after buying an additional 952 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Stephens boosted their price target on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Evercore ISI increased their target price on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Barclays raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Finally, Raymond James boosted their target price on First Horizon from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.38.

First Horizon Stock Performance

Shares of FHN stock opened at $21.43 on Tuesday. The firm has a 50 day moving average of $17.43 and a two-hundred day moving average of $16.31. The stock has a market capitalization of $11.36 billion, a PE ratio of 15.53, a P/E/G ratio of 1.56 and a beta of 0.86. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 52 week low of $11.87 and a 52 week high of $21.72.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $821.63 million. During the same period last year, the business posted $0.27 earnings per share. On average, research analysts predict that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.80%. First Horizon’s payout ratio is 43.48%.

First Horizon announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at First Horizon

In other First Horizon 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 transaction of $1,996,255.98. Following the completion of the sale, the executive vice president now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total value of $199,200.00. Following the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This trade represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.

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.