First Horizon Co. (NYSE:FHN) Shares Sold by Simplicity Solutions LLC

Simplicity Solutions LLC lessened its position in shares of First Horizon Co. (NYSE:FHN) by 13.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,341 shares of the financial services provider’s stock after selling 3,797 shares during the quarter. Simplicity Solutions LLC’s holdings in First Horizon were worth $345,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FHN. Vanguard Group Inc. lifted its holdings in First Horizon by 4.2% during the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after purchasing an additional 2,276,977 shares in the last quarter. California Public Employees Retirement System lifted its holdings in First Horizon by 16.0% during the third quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock valued at $10,960,000 after purchasing an additional 137,525 shares in the last quarter. Qsemble Capital Management LP purchased a new position in First Horizon during the third quarter valued at $1,189,000. Mercer Global Advisors Inc. ADV lifted its holdings in First Horizon by 2.0% during the third quarter. Mercer Global Advisors Inc. ADV now owns 312,183 shares of the financial services provider’s stock valued at $3,440,000 after purchasing an additional 6,197 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in First Horizon by 721.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider’s stock valued at $1,219,000 after purchasing an additional 97,144 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wells Fargo & Company increased their price objective on shares of First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Barclays initiated coverage on shares of First Horizon in a research note on Friday, March 8th. They issued an “overweight” rating and a $18.00 price target on the stock. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their price target for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Finally, StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Friday. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Price Performance

First Horizon stock opened at $14.62 on Friday. First Horizon Co. has a 12-month low of $8.99 and a 12-month high of $18.99. The stock has a market cap of $8.11 billion, a P/E ratio of 10.22, a PEG ratio of 4.00 and a beta of 0.94. The company has a 50-day moving average price of $14.55 and a 200 day moving average price of $13.37. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the business earned $0.46 earnings per share. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. Sell-side analysts anticipate that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio is presently 41.96%.

About First Horizon

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.