Principal Financial Group Inc. Sells 125,334 Shares of First Horizon Co. (NYSE:FHN)

Principal Financial Group Inc. decreased its holdings in shares of First Horizon Co. (NYSE:FHN) by 5.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,051,339 shares of the financial services provider’s stock after selling 125,334 shares during the period. Principal Financial Group Inc. owned approximately 0.37% of First Horizon worth $29,047,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FHN. Dimensional Fund Advisors LP grew its holdings in shares of First Horizon by 10.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock valued at $136,526,000 after buying an additional 883,503 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of First Horizon by 67.2% in the 4th quarter. Teacher Retirement System of Texas now owns 149,447 shares of the financial services provider’s stock valued at $2,116,000 after buying an additional 60,090 shares during the period. Access Investment Management LLC acquired a new position in shares of First Horizon in the 4th quarter valued at $1,230,000. Versor Investments LP acquired a new position in shares of First Horizon in the 4th quarter valued at $146,000. Finally, Van Hulzen Asset Management LLC grew its holdings in shares of First Horizon by 5.6% in the 4th quarter. Van Hulzen Asset Management LLC now owns 32,100 shares of the financial services provider’s stock valued at $455,000 after buying an additional 1,700 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the subject of several research analyst reports. Wedbush reissued an “outperform” rating and issued a $17.00 price target on shares of First Horizon in a report on Wednesday, April 10th. Barclays assumed coverage on shares of First Horizon in a report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price target for the company. 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 note on Thursday, April 18th. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Finally, Evercore ISI upped their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Trading Up 0.6 %

Shares of NYSE:FHN opened at $16.01 on Friday. The company’s 50-day moving average price is $15.05 and its two-hundred day moving average price is $14.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a one year low of $10.08 and a one year high of $16.15. The stock has a market capitalization of $8.76 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 4.40 and a beta of 0.94.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same period in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. On average, equities analysts forecast that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.75%. First Horizon’s payout ratio is 41.96%.

First Horizon announced that its Board of Directors has initiated a share 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

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.