Bank of Nova Scotia Reduces Stock Position in First Horizon Co. (NYSE:FHN)

Bank of Nova Scotia decreased its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 46.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 164,305 shares of the financial services provider's stock after selling 143,943 shares during the quarter. Bank of Nova Scotia's holdings in First Horizon were worth $3,309,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Versant Capital Management Inc lifted its stake in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in First Horizon in the fourth quarter worth $30,000. Kentucky Trust Co purchased a new position in shares of First Horizon in the fourth quarter worth about $32,000. Lee Danner & Bass Inc. purchased a new position in First Horizon in the 4th quarter worth approximately $50,000. Finally, Farther Finance Advisors LLC raised its holdings in First Horizon by 29.9% during the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after buying an additional 591 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Trading Down 1.2 %

Shares of NYSE FHN traded down $0.21 during trading hours on Thursday, reaching $17.07. The stock had a trading volume of 7,317,860 shares, compared to its average volume of 6,328,447. The business's fifty day moving average price is $19.43 and its two-hundred day moving average price is $19.48. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 1.19 and a beta of 0.60. First Horizon Co. has a 52-week low of $13.93 and a 52-week high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million for the quarter, compared to analyst estimates of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the previous year, the company earned $0.35 earnings per share. Analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 3.51%. First Horizon's dividend payout ratio is presently 44.12%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FHN. JPMorgan Chase & Co. lifted their price objective on First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Bank of America lifted their target price on First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday. Wells Fargo & Company lowered their target price on shares of First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods cut their price objective on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a report on Thursday. Finally, Royal Bank of Canada decreased their target price on First Horizon from $24.00 to $22.00 and set an "outperform" rating on the stock in a research report on Thursday. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $22.03.

Insider Activity

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.87% of the company's stock.

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.