Intech Investment Management LLC lessened its holdings in shares of First Horizon Corporation (NYSE:FHN – Free Report) by 27.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 187,388 shares of the financial services provider’s stock after selling 72,343 shares during the period. Intech Investment Management LLC’s holdings in First Horizon were worth $4,479,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in FHN. Goldman Sachs Group Inc. grew its stake in shares of First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after acquiring an additional 3,835 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in shares of First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after acquiring an additional 26,323 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.
Analyst Ratings Changes
FHN has been the subject of several recent analyst reports. UBS Group lowered shares of First Horizon from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research note on Thursday, April 16th. Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $26.45.
First Horizon Price Performance
FHN opened at $24.24 on Monday. The firm has a market cap of $11.50 billion, a P/E ratio of 12.12, a PEG ratio of 0.95 and a beta of 0.60. The firm has a 50-day moving average of $23.81 and a 200 day moving average of $23.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. First Horizon Corporation has a fifty-two week low of $19.03 and a fifty-two week high of $26.56.
First Horizon (NYSE:FHN – Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.42 earnings per share. On average, research analysts expect that First Horizon Corporation will post 2.16 EPS for the current year.
First Horizon Dividend Announcement
The business 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 dividend of $0.17 per share. The ex-dividend date is Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio is presently 34.00%.
About First Horizon
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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