AlphaQuest LLC Has $1.26 Million Holdings in First Horizon Co. (NYSE:FHN)

AlphaQuest LLC cut its holdings in First Horizon Co. (NYSE:FHN) by 61.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,433 shares of the financial services provider’s stock after selling 98,613 shares during the period. AlphaQuest LLC’s holdings in First Horizon were worth $1,257,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Citigroup Inc. raised its holdings in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after purchasing an additional 285,108 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of First Horizon by 13.1% in the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock valued at $13,482,000 after purchasing an additional 100,359 shares during the last quarter. Allen Capital Group LLC raised its holdings in shares of First Horizon by 128.4% in the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock valued at $817,000 after purchasing an additional 29,581 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new position in First Horizon during the fourth quarter worth $304,000. Finally, Merit Financial Group LLC acquired a new position in First Horizon during the fourth quarter worth $453,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FHN shares. Barclays boosted their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada boosted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Stephens restated an “overweight” rating and set a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Bank of America boosted 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. Finally, Wells Fargo & Company boosted their target price on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $22.23.

Insider Activity

In related news, 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 owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is currently owned by company insiders.

First Horizon Trading Down 1.6 %

Shares of First Horizon stock opened at $18.93 on Monday. The firm has a 50-day moving average of $21.11 and a 200-day moving average of $19.05. The stock has a market cap of $9.87 billion, a PE ratio of 13.92, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 52-week low of $13.72 and a 52-week high of $22.44. 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 (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the previous year, the firm earned $0.32 earnings per share. As a group, sell-side analysts forecast that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.17%. First Horizon’s payout ratio is presently 44.12%.

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.