HighTower Advisors LLC Has $2.12 Million Stake in First Horizon Co. (NYSE:FHN)

HighTower Advisors LLC lowered its position in First Horizon Co. (NYSE:FHN – Get Rating) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 86,249 shares of the financial services provider’s stock after selling 5,249 shares during the period. HighTower Advisors LLC’s holdings in First Horizon were worth $2,122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FHN. McElhenny Sheffield Capital Management LLC acquired a new position in shares of First Horizon during the 4th quarter worth $30,000. Concord Wealth Partners acquired a new position in First Horizon during the fourth quarter valued at approximately $40,000. Red Tortoise LLC bought a new position in shares of First Horizon in the fourth quarter valued at approximately $42,000. Cubist Systematic Strategies LLC acquired a new stake in shares of First Horizon in the third quarter worth $39,000. Finally, TD Capital Management LLC acquired a new stake in shares of First Horizon in the third quarter valued at about $50,000. Institutional investors own 77.41% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of recent research reports. Royal Bank of Canada reissued a “sector perform” rating and set a $25.00 target price on shares of First Horizon in a research report on Wednesday, April 19th. Bank of America assumed coverage on First Horizon in a research note on Tuesday, May 16th. They issued a “buy” rating for the company. StockNews.com downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, May 13th. Finally, Wells Fargo & Company raised shares of First Horizon from an “equal weight” rating to an “overweight” rating and set a $25.00 price objective for the company in a report on Friday, March 24th.

Insider Activity

In related news, Director William H. Fenstermaker acquired 2,950 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average price of $9.56 per share, for a total transaction of $28,202.00. Following the transaction, the director now directly owns 246,312 shares of the company’s stock, valued at approximately $2,354,742.72. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO D Bryan Jordan sold 93,157 shares of First Horizon stock in a transaction on Friday, February 24th. The stock was sold at an average price of $24.80, for a total transaction of $2,310,293.60. Following the completion of the sale, the chief executive officer now directly owns 1,396,259 shares of the company’s stock, valued at $34,627,223.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Fenstermaker acquired 2,950 shares of First Horizon stock in a transaction that occurred on Friday, May 12th. The shares were purchased at an average cost of $9.56 per share, for a total transaction of $28,202.00. Following the purchase, the director now directly owns 246,312 shares in the company, valued at $2,354,742.72. The disclosure for this purchase can be found here. Insiders have purchased 32,036 shares of company stock valued at $320,525 over the last three months. 1.55% of the stock is owned by insiders.

First Horizon Stock Performance

NYSE FHN opened at $11.24 on Wednesday. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $24.92. The company has a 50 day moving average of $15.36 and a 200-day moving average of $21.03. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.20. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 6.94, a PEG ratio of 2.59 and a beta of 0.88.

First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.01). First Horizon had a net margin of 24.76% and a return on equity of 13.53%. The business had revenue of $863.00 million during the quarter, compared to the consensus estimate of $871.36 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, equities analysts forecast that First Horizon Co. will post 1.73 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Friday, June 16th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 5.34%. The ex-dividend date of this dividend is Thursday, June 15th. First Horizon’s payout ratio is presently 37.04%.

First Horizon Profile

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.