TrimTabs Asset Management LLC Reduces Stock Position in First Horizon Co. (NYSE:FHN)


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TrimTabs Asset Management LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 54.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 67,893 shares of the financial services provider’s stock after selling 81,539 shares during the period. TrimTabs Asset Management LLC’s holdings in First Horizon were worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Janus Henderson Group PLC boosted its stake in First Horizon by 8.0% in the fourth quarter. Janus Henderson Group PLC now owns 9,291,891 shares of the financial services provider’s stock valued at $118,565,000 after acquiring an additional 686,990 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in First Horizon by 12.9% in the fourth quarter. Bank of New York Mellon Corp now owns 7,441,179 shares of the financial services provider’s stock valued at $94,950,000 after acquiring an additional 852,699 shares in the last quarter. Mackenzie Financial Corp boosted its stake in First Horizon by 55.3% in the fourth quarter. Mackenzie Financial Corp now owns 7,236,087 shares of the financial services provider’s stock valued at $92,332,000 after acquiring an additional 2,577,122 shares in the last quarter. Norges Bank acquired a new position in First Horizon in the fourth quarter valued at $81,685,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in First Horizon by 3.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,058,733 shares of the financial services provider’s stock valued at $64,550,000 after acquiring an additional 160,928 shares in the last quarter. Institutional investors own 81.93% of the company’s stock.

In related news, Chairman Daryl G. Byrd sold 13,740 shares of the firm’s stock in a transaction dated Tuesday, January 12th. The shares were sold at an average price of $15.17, for a total value of $208,435.80. Following the completion of the sale, the chairman now owns 1,422,524 shares in the company, valued at $21,579,689.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO D Bryan Jordan sold 97,149 shares of the firm’s stock in a transaction dated Thursday, February 11th. The shares were sold at an average price of $15.62, for a total transaction of $1,517,467.38. Following the completion of the sale, the chief executive officer now owns 941,541 shares of the company’s stock, valued at approximately $14,706,870.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,040 shares of company stock valued at $2,072,735. 2.00% of the stock is owned by insiders.

Shares of FHN traded down $0.13 during mid-day trading on Thursday, hitting $17.05. 109,666 shares of the company’s stock were exchanged, compared to its average volume of 7,116,418. First Horizon Co. has a fifty-two week low of $6.93 and a fifty-two week high of $18.42. The firm has a market capitalization of $9.44 billion, a P/E ratio of 11.09 and a beta of 1.55. The business’s 50 day moving average is $16.92 and its two-hundred day moving average is $13.55. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 21st. The financial services provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.13. The firm had revenue of $810.00 million during the quarter, compared to the consensus estimate of $784.45 million. First Horizon had a net margin of 23.18% and a return on equity of 7.78%. During the same quarter last year, the firm earned $0.47 earnings per share. On average, equities research analysts forecast that First Horizon Co. will post 0.94 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Friday, March 12th were given a $0.15 dividend. The ex-dividend date was Thursday, March 11th. This represents a $0.60 dividend on an annualized basis and a yield of 3.52%. First Horizon’s payout ratio is currently 36.14%.

Several research firms have issued reports on FHN. Raymond James upped their price objective on shares of First Horizon from $17.00 to $21.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Morgan Stanley upped their price objective on shares of First Horizon from $18.50 to $19.50 and gave the company an “equal weight” rating in a research note on Wednesday, March 24th. Finally, Zacks Investment Research upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating and set a $15.00 target price for the company in a research note on Tuesday, December 29th. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $13.45.

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 four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. It offers general banking services for consumers, businesses, financial institutions, and governments.

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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