Sumitomo Mitsui Trust Holdings Inc. Has $381,000 Position in First Horizon Co. (NYSE:FHN)

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of First Horizon Co. (NYSE:FHN) by 98.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,900 shares of the financial services provider’s stock after selling 1,611,604 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in First Horizon were worth $381,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of 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 acquiring an additional 2,276,977 shares in the last quarter. North Reef Capital Management LP boosted its position in shares of First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after acquiring an additional 5,158,750 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after acquiring an additional 7,682,480 shares in the last quarter. LSV Asset Management boosted its position in First Horizon by 807.7% in the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after buying an additional 4,882,709 shares in the last quarter. Finally, Scout Investments Inc. boosted its position in First Horizon by 9.0% in the third quarter. Scout Investments Inc. now owns 4,742,382 shares of the financial services provider’s stock valued at $50,459,000 after buying an additional 389,677 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on FHN. Barclays began coverage on shares of First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price target on the stock. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Robert W. Baird upped their target price on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Wells Fargo & Company upped their target price on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Trading Down 1.0 %

FHN opened at $14.78 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $8.20 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 4.10 and a beta of 0.94. The firm has a 50 day simple moving average of $14.62 and a 200 day simple moving average of $13.49. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $17.90.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $819.00 million during 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 revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 earnings per share. On average, 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 has approved a share buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s 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.