North Reef Capital Management LP Sells 178,000 Shares of First Horizon Co. (NYSE:FHN)

North Reef Capital Management LP trimmed its stake in First Horizon Co. (NYSE:FHN) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,022,000 shares of the financial services provider’s stock after selling 178,000 shares during the quarter. First Horizon accounts for about 10.9% of North Reef Capital Management LP’s holdings, making the stock its 2nd largest position. North Reef Capital Management LP’s holdings in First Horizon were worth $242,123,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in shares of First Horizon by 26.2% in the 4th 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 purchasing an additional 7,715,191 shares during the last quarter. Norges Bank bought a new stake in First Horizon during the fourth quarter worth about $132,418,000. Raymond James Financial Inc. acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $102,467,000. JPMorgan Chase & Co. raised its stake in shares of First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after acquiring an additional 3,400,811 shares during the last quarter. Finally, Amundi boosted its holdings in shares of First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock worth $77,104,000 after acquiring an additional 2,683,746 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Trading Up 2.2 %

NYSE:FHN opened at $17.77 on Friday. The business’s 50-day simple moving average is $18.83 and its 200-day simple moving average is $19.55. First Horizon Co. has a fifty-two week low of $14.09 and a fifty-two week high of $22.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $9.13 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Sell-side analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon’s dividend payout ratio is 41.67%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their price target on First Horizon from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Barclays reduced their price target on shares of First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Raymond James lowered their price objective on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Bank of America increased their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of First Horizon from $24.00 to $22.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.03.

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.