AMG National Trust Bank Cuts Stock Position in First Horizon Corporation $FHN

AMG National Trust Bank lessened its stake in First Horizon Corporation (NYSE:FHN) by 2.9% during the 2nd quarter, Holdings Channel.com reports. The firm 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 large investors have also modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of First Horizon by 53.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock worth $244,594,000 after acquiring an additional 4,392,405 shares during the last quarter. Invesco Ltd. grew its stake in shares of First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock worth $131,192,000 after acquiring an additional 2,968,012 shares during the last quarter. Sculptor Capital LP grew its stake in shares of First Horizon by 59.0% during the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock worth $94,517,000 after acquiring an additional 1,806,000 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of First Horizon during the second quarter worth about $79,776,000. Finally, Victory Capital Management Inc. grew its stake in shares of First Horizon by 17.8% during the first quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider’s stock worth $61,953,000 after acquiring an additional 483,144 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

FHN opened at $21.39 on Friday. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $23.70. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $10.86 billion, a PE ratio of 12.96, a P/E/G ratio of 0.81 and a beta of 0.67. The firm has a 50 day moving average of $22.17 and a two-hundred day moving average of $21.02.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The business had revenue of $849.00 million for the quarter, compared to analyst estimates of $848.08 million. During the same quarter in the prior year, the firm posted $0.42 EPS. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon announced that its board has approved a stock buyback program 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 reacquire up to 11.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 12th will be given 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 dividend payout ratio is currently 36.36%.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FHN shares. Jefferies Financial Group set a $25.00 price target on First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Cowen started coverage on First Horizon in a research note on Wednesday, September 24th. They set a “hold” rating on the stock. Truist Financial boosted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a research note on Wednesday, September 24th. Evercore ISI reiterated an “in-line” rating and issued a $20.00 target price (down previously from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of First Horizon in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.