First Horizon Co. (NYSE:FHN) Position Trimmed by Vanguard Group Inc.

Vanguard Group Inc. reduced its holdings in First Horizon Co. (NYSE:FHN) by 2.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 53,914,517 shares of the financial services provider’s stock after selling 1,178,250 shares during the quarter. Vanguard Group Inc. owned approximately 10.17% of First Horizon worth $1,085,838,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in First Horizon by 26.2% in the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock worth $747,822,000 after acquiring an additional 7,715,191 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $102,467,000. State Street Corp lifted its holdings in shares of First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after purchasing an additional 4,116,486 shares during the last quarter. Amundi boosted its position in First Horizon by 255.6% during 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 during the period. Finally, Point72 Asset Management L.P. bought a new position in First Horizon during the 3rd quarter worth $39,242,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of NYSE FHN opened at $19.24 on Friday. The firm has a 50-day moving average of $20.65 and a two-hundred day moving average of $19.30. The company has a market capitalization of $9.89 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.19 and a beta of 0.86. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, topping 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 quarter in the previous year, the business earned $0.32 earnings per share. As a group, analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

Insider Transactions at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on FHN. Royal Bank of Canada boosted their price target on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. UBS Group began coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods raised their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Stephens reiterated an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Finally, Bank of America increased their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.23.

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.