Private Management Group Inc. Sells 4,248 Shares of First Horizon Co. (NYSE:FHN)

Private Management Group Inc. lessened its holdings in First Horizon Co. (NYSE:FHN) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 1,236,644 shares of the financial services provider’s stock after selling 4,248 shares during the period. Private Management Group Inc.’s holdings in First Horizon were worth $19,502,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp raised its holdings in First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares during the period. LSV Asset Management lifted its position in First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after acquiring an additional 692,100 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of First Horizon by 10.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock worth $136,526,000 after acquiring an additional 883,503 shares during the period. Finally, Norges Bank acquired a new position in shares of First Horizon in the fourth quarter valued at approximately $86,487,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $15.34 on Monday. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 10.73, a price-to-earnings-growth ratio of 3.11 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50 day simple moving average is $15.97 and its 200 day simple moving average is $15.35.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. During the same quarter in the previous year, the business posted $0.39 EPS. As a group, research analysts predict that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.91%. The ex-dividend date is Friday, September 13th. First Horizon’s payout ratio is 41.96%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Evercore ISI dropped their price target on First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Royal Bank of Canada boosted their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Barclays raised their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 target price on shares of First Horizon in a report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and a consensus price target of $17.31.

About First Horizon

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.