AM Investment Strategies LLC Sells 75,050 Shares of First Horizon Co. (NYSE:FHN)

AM Investment Strategies LLC lowered its holdings in shares of First Horizon Co. (NYSE:FHN) by 48.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,321 shares of the financial services provider’s stock after selling 75,050 shares during the quarter. AM Investment Strategies LLC’s holdings in First Horizon were worth $1,109,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Nisa Investment Advisors LLC raised its holdings in shares of First Horizon by 0.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 106,489 shares of the financial services provider’s stock valued at $1,508,000 after purchasing an additional 900 shares in the last quarter. Levin Capital Strategies L.P. raised its holdings in shares of First Horizon by 10.0% in the 3rd quarter. Levin Capital Strategies L.P. now owns 11,000 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 1,000 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of First Horizon by 0.4% in the 4th quarter. Yousif Capital Management LLC now owns 265,607 shares of the financial services provider’s stock valued at $3,761,000 after purchasing an additional 1,068 shares in the last quarter. Red Door Wealth Management LLC raised its holdings in shares of First Horizon by 3.4% in the 4th quarter. Red Door Wealth Management LLC now owns 32,239 shares of the financial services provider’s stock valued at $456,000 after purchasing an additional 1,070 shares in the last quarter. Finally, State of Michigan Retirement System raised its holdings in shares of First Horizon by 0.8% in the 3rd quarter. State of Michigan Retirement System now owns 133,556 shares of the financial services provider’s stock valued at $1,472,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN traded down $0.15 on Thursday, hitting $14.78. 6,360,743 shares of the company’s stock traded hands, compared to its average volume of 7,043,827. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $17.90. The firm’s 50-day moving average price is $14.62 and its two-hundred day moving average price is $13.49. The firm has a market capitalization of $8.20 billion, a PE ratio of 10.34, a P/E/G ratio of 4.10 and a beta of 0.94.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period in the previous year, the business posted $0.46 EPS. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, analysts expect that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon declared that its board has initiated a stock repurchase plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s payout ratio is 41.96%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FHN. Wedbush reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. Raymond James raised shares of First Horizon from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Finally, Wells Fargo & Company lifted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

About First Horizon

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.