Red Door Wealth Management LLC Sells 4,402 Shares of First Horizon Co. (NYSE:FHN)

Red Door Wealth Management LLC decreased its position in First Horizon Co. (NYSE:FHN) by 18.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,941 shares of the financial services provider’s stock after selling 4,402 shares during the quarter. Red Door Wealth Management LLC’s holdings in First Horizon were worth $381,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FHN. UMB Bank n.a. grew its position in First Horizon by 365.0% during the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the period. Nemes Rush Group LLC grew its position in First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after buying an additional 1,378 shares during the period. Versant Capital Management Inc grew its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the period. Covestor Ltd grew its position in First Horizon by 44.0% during the third 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 period. Finally, True Wealth Design LLC bought a new position in First Horizon during the third quarter valued at about $36,000. Institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 directly owns 519,926 shares of the company’s stock, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,954 shares of company stock valued at $4,519,333 over the last three months. 0.87% of the stock is owned by corporate insiders.

First Horizon Trading Up 0.7 %

Shares of First Horizon stock opened at $21.05 on Friday. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $21.82. The company has a market cap of $11.16 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 1.19 and a beta of 0.92. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $20.53 and its 200-day moving average price is $17.88.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 prior year, the company earned $0.32 EPS. On average, equities analysts expect that First Horizon Co. will post 1.63 earnings per share for the current fiscal year.

First Horizon declared that its Board of Directors has approved a share repurchase plan on Tuesday, October 29th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Friday, December 13th. First Horizon’s dividend payout ratio is currently 44.12%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FHN. Raymond James increased their price target on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Stephens reiterated an “overweight” rating and set a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price for the company. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research report on Thursday, October 17th. Finally, Bank of America increased their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.04.

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.