ZWJ Investment Counsel Inc. Sells 6,994 Shares of First Horizon Corporation $FHN

ZWJ Investment Counsel Inc. reduced its stake in First Horizon Corporation (NYSE:FHN) by 26.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,749 shares of the financial services provider’s stock after selling 6,994 shares during the period. ZWJ Investment Counsel Inc.’s holdings in First Horizon were worth $419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Byrne Asset Management LLC lifted its stake in First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 830 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the last quarter. Compass Financial Services Inc bought a new stake in First Horizon during the first quarter worth $38,000. Quarry LP lifted its stake in First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 1,243 shares during the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,658 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

NYSE FHN opened at $22.58 on Friday. The company has a market capitalization of $11.46 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.05 and a beta of 0.67. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.26. The stock has a fifty day simple moving average of $22.31 and a 200 day simple moving average of $20.57. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same period in the prior year, the business posted $0.36 earnings per share. Sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio is presently 38.71%.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock valued at $3,322,663 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FHN. Wells Fargo & Company upped their target price on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Raymond James Financial reiterated an “outperform” rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. DA Davidson started coverage on First Horizon in a research note on Friday, September 26th. They issued a “neutral” rating and a $24.00 price target for the company. JPMorgan Chase & Co. increased their price target on First Horizon from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Barclays increased their price target on First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.53.

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.