Bank of Montreal Can Sells 7,425 Shares of First Horizon Co. (NYSE:FHN)

Bank of Montreal Can trimmed its position in First Horizon Co. (NYSE:FHN) by 6.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,734 shares of the financial services provider’s stock after selling 7,425 shares during the quarter. Bank of Montreal Can’s holdings in First Horizon were worth $2,089,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of First Horizon by 26.2% in the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after purchasing an additional 7,715,191 shares during the last quarter. Norges Bank bought a new position in First Horizon in the fourth quarter valued at about $132,418,000. JPMorgan Chase & Co. raised its stake in First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock worth $111,270,000 after acquiring an additional 3,400,811 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of First Horizon in the fourth quarter worth about $102,467,000. Finally, Amundi boosted its stake in shares of First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after purchasing an additional 2,683,746 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FHN. Robert W. Baird upgraded shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 target price on the stock in a research report on Monday, April 7th. Bank of America raised their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Citigroup upped their target price on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James reduced their price target on First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. upped their price objective on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average price target of $22.30.

First Horizon Price Performance

Shares of FHN opened at $17.25 on Thursday. The firm has a market cap of $8.87 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. First Horizon Co. has a 52-week low of $13.93 and a 52-week high of $22.44. The business’s 50 day moving average price is $19.43 and its two-hundred day moving average price is $19.48. 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 issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The business had revenue of $823.69 million for the quarter, compared to analyst estimates of $825.11 million. During the same period in the prior year, the firm earned $0.35 earnings per share. On average, equities analysts anticipate that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date was Friday, March 14th. First Horizon’s payout ratio is 44.12%.

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.