Emerald Mutual Fund Advisers Trust Sells 17,920 Shares of First Horizon Co. (NYSE:FHN)

Emerald Mutual Fund Advisers Trust reduced its position in shares of First Horizon Co. (NYSE:FHN) by 35.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,642 shares of the financial services provider’s stock after selling 17,920 shares during the quarter. Emerald Mutual Fund Advisers Trust’s holdings in First Horizon were worth $515,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of First Horizon by 1.1% during the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $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% during the second quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after buying an additional 3,870,946 shares during the last quarter. LSV Asset Management lifted its stake in shares of First Horizon by 49.8% in the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after buying an additional 4,434,929 shares in the last quarter. Dimensional Fund Advisors LP grew 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 valued at $136,526,000 after buying an additional 883,503 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of First Horizon during the fourth quarter worth about $86,487,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $15.34 on Friday. The company has a market capitalization of $8.39 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 3.36 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. First Horizon Co. has a 52-week low of $10.08 and a 52-week high of $17.46. The company has a 50-day simple moving average of $15.97 and a 200 day simple moving average of $15.34.

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

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Stephens initiated coverage on First Horizon in a research note on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target for the company. Royal Bank of Canada lifted their target price on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target for the company. in a research report on Thursday, July 18th. Evercore ISI cut their price objective on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Finally, StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.31.

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.