First Horizon Co. (NYSE:FHN) Shares Sold by CapWealth Advisors LLC

CapWealth Advisors LLC decreased its stake in First Horizon Co. (NYSE:FHN) by 24.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,986 shares of the financial services provider’s stock after selling 4,297 shares during the quarter. CapWealth Advisors LLC’s holdings in First Horizon were worth $205,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of FHN. Victory Capital Management Inc. grew its position in shares of First Horizon by 388.5% in the fourth quarter. Victory Capital Management Inc. now owns 476,145 shares of the financial services provider’s stock valued at $6,742,000 after purchasing an additional 378,667 shares during the period. Swiss National Bank acquired a new stake in shares of First Horizon in the fourth quarter valued at about $15,592,000. Natixis Advisors L.P. grew its position in shares of First Horizon by 30.2% in the fourth quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock valued at $3,948,000 after purchasing an additional 64,749 shares during the period. National Bank of Canada FI grew its position in shares of First Horizon by 345.9% in the fourth quarter. National Bank of Canada FI now owns 668,411 shares of the financial services provider’s stock valued at $9,659,000 after purchasing an additional 518,507 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of First Horizon by 5.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,663,138 shares of the financial services provider’s stock valued at $51,870,000 after purchasing an additional 204,199 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on FHN shares. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. Raymond James lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a research report on Thursday, July 18th. Barclays boosted 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. Finally, Stephens began coverage on shares of First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target on the stock. Five equities 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, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $17.31.

First Horizon Price Performance

First Horizon stock opened at $15.72 on Friday. The company’s 50 day simple moving average is $15.98 and its 200-day simple moving average is $15.32. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 3.36 and a beta of 0.89. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46. 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 (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same period last year, the firm posted $0.39 earnings per share. As a group, equities research analysts expect that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is 41.96%.

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.