Greenwood Capital Associates LLC reduced its position in First Horizon Corporation (NYSE:FHN – Free Report) by 48.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 63,490 shares of the financial services provider’s stock after selling 59,903 shares during the period. Greenwood Capital Associates LLC’s holdings in First Horizon were worth $1,445,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund lifted its stake in shares of First Horizon by 1.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 99,488 shares of the financial services provider’s stock worth $2,264,000 after buying an additional 1,650 shares during the last quarter. Burney Co. bought a new stake in First Horizon during the first quarter worth about $4,096,000. HB Wealth Management LLC lifted its holdings in shares of First Horizon by 23.4% during the 1st quarter. HB Wealth Management LLC now owns 49,233 shares of the financial services provider’s stock worth $1,121,000 after acquiring an additional 9,346 shares during the period. World Investment Advisors bought a new stake in First Horizon during the first quarter worth $1,566,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in First Horizon by 10.8% in the first quarter. Y Intercept Hong Kong Ltd now owns 134,775 shares of the financial services provider’s stock valued at $3,067,000 after buying an additional 13,114 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.
Analyst Ratings Changes
FHN has been the topic of a number of research analyst reports. Fundamental Research set a $28.50 target price on shares of First Horizon in a research report on Wednesday, July 1st. UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and decreased their target price for the company from $29.00 to $25.00 in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods increased their price target on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Wells Fargo & Company lifted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, DA Davidson reaffirmed a “neutral” rating and set a $26.00 price target on shares of First Horizon in a research note on Thursday, April 16th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.12.
First Horizon Stock Up 1.8%
FHN opened at $25.69 on Friday. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The company’s 50-day moving average is $24.66 and its 200 day moving average is $24.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $12.19 billion, a P/E ratio of 12.85, a PEG ratio of 0.98 and a beta of 0.60.
First Horizon (NYSE:FHN – Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. During the same quarter in the previous year, the business earned $0.42 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. Research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.
First Horizon Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were given a $0.17 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon’s payout ratio is currently 34.00%.
First Horizon 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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