ProShare Advisors LLC lessened its holdings in shares of First Horizon Corporation (NYSE:FHN – Free Report) by 54.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,746 shares of the financial services provider’s stock after selling 23,446 shares during the period. ProShare Advisors LLC’s holdings in First Horizon were worth $472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in FHN. Artemis Investment Management LLP purchased a new position in shares of First Horizon during the fourth quarter worth $90,319,000. Jupiter Asset Management Ltd. purchased a new position in shares of First Horizon during the third quarter worth $49,180,000. Barclays PLC raised its holdings in shares of First Horizon by 370.5% during the third quarter. Barclays PLC now owns 2,216,410 shares of the financial services provider’s stock worth $50,113,000 after purchasing an additional 1,745,296 shares during the last quarter. Qube Research & Technologies Ltd grew its position in First Horizon by 419.7% during the third quarter. Qube Research & Technologies Ltd now owns 1,989,925 shares of the financial services provider’s stock valued at $44,992,000 after buying an additional 1,607,028 shares during the period. Finally, William Blair Investment Management LLC grew its position in First Horizon by 38.7% during the third quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after buying an additional 1,456,820 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on FHN. Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Barclays cut their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Wells Fargo & Company lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. Finally, Citigroup lifted their price objective on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, First Horizon currently has an average rating of “Hold” and an average price target of $26.45.
First Horizon Stock Up 0.1%
Shares of NYSE FHN opened at $24.24 on Friday. The company’s 50-day simple moving average is $23.76 and its 200-day simple moving average is $23.70. First Horizon Corporation has a 52-week low of $19.03 and a 52-week high of $26.56. The firm has a market cap of $11.50 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 0.95 and a beta of 0.62. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.
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 (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 business had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same quarter last year, the business earned $0.42 earnings per share. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. Equities analysts predict that First Horizon Corporation will post 2.16 EPS for the current fiscal year.
First Horizon Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders 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 dividend yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is 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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