First Horizon Co. (NYSE:FHN) Shares Sold by Capital Investment Advisory Services LLC

Capital Investment Advisory Services LLC trimmed its position in shares of First Horizon Co. (NYSE:FHN) by 16.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,507 shares of the financial services provider’s stock after selling 2,300 shares during the period. Capital Investment Advisory Services LLC’s holdings in First Horizon were worth $163,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in First Horizon by 4.2% during the 3rd 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 grew its holdings in First Horizon by 16.0% during the 3rd quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock worth $10,960,000 after acquiring an additional 137,525 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in First Horizon during the 4th quarter worth $1,019,000. Louisiana State Employees Retirement System acquired a new position in First Horizon during the 4th quarter worth $2,222,000. Finally, Qsemble Capital Management LP acquired a new position in First Horizon during the 3rd quarter worth $1,189,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Evercore ISI raised their price objective on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a report on Thursday, March 28th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. Wells Fargo & Company raised their price objective on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Raymond James upgraded shares of First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. Finally, 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 report on Thursday, April 4th. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Trading Up 0.3 %

Shares of NYSE:FHN opened at $14.93 on Thursday. The company has a market cap of $8.28 billion, a PE ratio of 10.44, a P/E/G ratio of 4.10 and a beta of 0.94. The company’s 50-day moving average price is $14.61 and its 200 day moving average price is $13.48. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $18.29. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. First Horizon’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period last year, the firm posted $0.46 EPS. Sell-side analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current year.

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

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.02%. First Horizon’s dividend payout ratio is presently 41.96%.

First Horizon Profile

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.