Pathstone Holdings LLC Has $1.87 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

Pathstone Holdings LLC cut its holdings in First Horizon Co. (NYSE:FHN) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 120,301 shares of the financial services provider’s stock after selling 786 shares during the quarter. Pathstone Holdings LLC’s holdings in First Horizon were worth $1,871,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its position in 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 period. Family Firm Inc. bought a new position in shares of First Horizon during the 2nd quarter valued at about $28,000. Nemes Rush Group LLC lifted its holdings in shares of First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new position in shares of First Horizon during the 2nd quarter valued at about $31,000. Finally, Covestor Ltd raised its position in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after buying an additional 651 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Harry V. Barton, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the sale, the director now directly owns 166,840 shares in the company, valued at $3,323,452.80. This represents a 5.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP David T. Popwell sold 100,974 shares of the company’s stock in a transaction on 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 sale, the executive vice president now owns 519,926 shares of the company’s stock, valued at approximately $10,278,937.02. This represents a 16.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

First Horizon Stock Performance

NYSE:FHN opened at $21.09 on Thursday. The stock has a fifty day moving average price of $17.54 and a 200-day moving average price of $16.35. The company has a market cap of $11.18 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 1.60 and a beta of 0.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a fifty-two week low of $11.87 and a fifty-two 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 for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the prior year, the company posted $0.27 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.49 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 29th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits 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 leadership believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.84%. First Horizon’s payout ratio is 43.48%.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their price target on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered their price target on First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. 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. Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. Finally, Evercore ISI boosted their target price on First Horizon from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Seven equities 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.com, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $18.71.

First Horizon 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.