Investors Research Corp Cuts Stock Holdings in First Horizon Co. (NYSE:FHN)

Investors Research Corp lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 1.1% during the fourth quarter, Holdings Channel reports. The fund owned 60,075 shares of the financial services provider’s stock after selling 675 shares during the period. Investors Research Corp’s holdings in First Horizon were worth $1,210,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FHN. Bank of New York Mellon Corp increased 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 valued at $747,822,000 after buying an additional 7,715,191 shares during the last quarter. Raymond James Financial Inc. purchased a new position in First Horizon in the fourth quarter valued at $102,467,000. State Street Corp increased its holdings in First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares during the last quarter. Amundi increased its holdings in First Horizon by 255.6% in the fourth quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after buying an additional 2,683,746 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in First Horizon in the third quarter valued at $39,242,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FHN. The Goldman Sachs Group increased their target price on First Horizon from $18.50 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. UBS Group initiated coverage on First Horizon in a research report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their price objective on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Finally, Citigroup lifted their target price on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $22.23.

First Horizon Stock Down 1.6 %

Shares of NYSE:FHN opened at $18.93 on Monday. The company has a market cap of $9.87 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44. The firm’s 50-day simple moving average is $21.11 and its 200-day simple moving average is $19.05. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the business posted $0.32 EPS. As a group, equities research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

Insiders Place Their Bets

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.87% of the stock is currently owned by insiders.

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.