AMG National Trust Bank Sells 3,064 Shares of First Horizon Corporation $FHN

AMG National Trust Bank cut its stake in First Horizon Corporation (NYSE:FHN) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 101,769 shares of the financial services provider’s stock after selling 3,064 shares during the quarter. AMG National Trust Bank’s holdings in First Horizon were worth $2,158,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Strs Ohio lifted its position in First Horizon by 7.3% in the second quarter. Strs Ohio now owns 346,908 shares of the financial services provider’s stock worth $7,354,000 after buying an additional 23,503 shares during the last quarter. Hantz Financial Services Inc. lifted its position in shares of First Horizon by 1,579.8% during the second quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 1,959 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of First Horizon by 6.7% during the second quarter. Envestnet Asset Management Inc. now owns 106,607 shares of the financial services provider’s stock worth $2,260,000 after purchasing an additional 6,648 shares during the last quarter. AlphaQuest LLC lifted its position in shares of First Horizon by 119.1% during the second quarter. AlphaQuest LLC now owns 83,013 shares of the financial services provider’s stock worth $1,760,000 after purchasing an additional 45,123 shares during the last quarter. Finally, Forum Financial Management LP lifted its position in shares of First Horizon by 7.0% during the second quarter. Forum Financial Management LP now owns 15,477 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 1,010 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. The trade was a 17.78% 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. 0.87% of the stock is owned by company insiders.

First Horizon Stock Performance

FHN stock opened at $21.39 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business has a 50-day moving average price of $22.17 and a 200 day moving average price of $21.02. The company has a market capitalization of $10.86 billion, a P/E ratio of 12.96, a PEG ratio of 0.81 and a beta of 0.67. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $23.70.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. The firm had revenue of $849.00 million during the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. As a group, equities research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon declared that its board has initiated a stock repurchase plan on Monday, October 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, December 12th. First Horizon’s payout ratio is 36.36%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. TD Cowen assumed coverage on First Horizon in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 target price for the company. Raymond James Financial set a $23.00 target price on First Horizon in a research report on Wednesday, October 15th. Barclays lifted their target price on First Horizon from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods decreased their target price on First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Finally, Robert W. Baird set a $25.00 price objective on First Horizon in a report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

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.