Canada Pension Plan Investment Board Sells 143,700 Shares of First Horizon Co. (NYSE:FHN)

Canada Pension Plan Investment Board lessened its stake in First Horizon Co. (NYSE:FHN - Free Report) by 47.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 157,400 shares of the financial services provider's stock after selling 143,700 shares during the quarter. Canada Pension Plan Investment Board's holdings in First Horizon were worth $3,170,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC boosted its holdings in shares of First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider's stock valued at $29,301,000 after purchasing an additional 1,185,772 shares during the period. Virtu Financial LLC raised its holdings in shares of First Horizon by 227.0% during the third quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider's stock valued at $519,000 after acquiring an additional 23,203 shares during the last quarter. Sanctuary Advisors LLC grew its position in shares of First Horizon by 16.8% in the third quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider's stock valued at $383,000 after purchasing an additional 3,540 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in First Horizon during the third quarter worth $127,000. Finally, Tidal Investments LLC raised its position in First Horizon by 5.9% in the third quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider's stock valued at $1,035,000 after purchasing an additional 3,722 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

NYSE:FHN traded up $0.04 during mid-day trading on Friday, hitting $17.81. 4,427,713 shares of the company's stock traded hands, compared to its average volume of 6,333,054. First Horizon Co. has a 12 month low of $14.09 and a 12 month high of $22.44. The firm has a market capitalization of $9.16 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. The firm has a 50 day moving average of $18.74 and a two-hundred day moving average of $19.57. 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 issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The firm had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. During the same quarter in the previous year, the company posted $0.35 EPS. On average, equities analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio is presently 41.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FHN shares. Wells Fargo & Company cut their target price on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Stephens restated an "overweight" rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Barclays dropped their price objective on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Citigroup boosted their price objective on First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Six equities 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.03.

First Horizon Company 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.