Sculptor Capital LP lowered its holdings in First Horizon Corporation (NYSE:FHN – Free Report) by 17.7% in the fourth quarter, HoldingsChannel reports. The firm owned 3,145,000 shares of the financial services provider’s stock after selling 676,000 shares during the quarter. First Horizon makes up approximately 0.8% of Sculptor Capital LP’s holdings, making the stock its 29th biggest holding. Sculptor Capital LP’s holdings in First Horizon were worth $75,166,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in First Horizon by 8.5% during the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after acquiring an additional 595,869 shares in the last quarter. Norges Bank acquired a new position in First Horizon during the 4th quarter worth approximately $153,942,000. William Blair Investment Management LLC grew its holdings in First Horizon by 2.2% during the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after acquiring an additional 116,191 shares in the last quarter. Morgan Stanley grew its holdings in First Horizon by 10.4% during the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock worth $124,580,000 after acquiring an additional 491,464 shares in the last quarter. Finally, Freestone Grove Partners LP grew its holdings in First Horizon by 25.3% during the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after acquiring an additional 967,219 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.
Analyst Upgrades and Downgrades
FHN has been the subject of several analyst reports. Wells Fargo & Company boosted their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. DA Davidson reiterated a “neutral” rating and set a $26.00 price target on shares of First Horizon in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $26.45.
First Horizon Stock Down 1.6%
FHN stock opened at $24.74 on Tuesday. The company has a fifty day moving average price of $24.24 and a 200 day moving average price of $23.95. First Horizon Corporation has a 12 month low of $19.10 and a 12 month high of $26.56. The company has a market cap of $11.74 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 0.98 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96.
First Horizon (NYSE:FHN – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. During the same quarter in the prior year, the firm earned $0.42 EPS. First Horizon’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts expect that First Horizon Corporation will post 2.16 earnings per share for the current year.
First Horizon Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be given a $0.17 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.7%. First Horizon’s dividend payout ratio is 34.00%.
First Horizon Company Profile
First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.
Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.
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