Legal & General Group Plc Trims Stock Holdings in First Horizon Co. (NYSE:FHN)

Legal & General Group Plc reduced its position in First Horizon Co. (NYSE:FHN - Free Report) by 6.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,082,352 shares of the financial services provider's stock after selling 72,241 shares during the period. Legal & General Group Plc owned approximately 0.20% of First Horizon worth $21,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider's stock valued at $747,822,000 after buying an additional 7,715,191 shares during the last quarter. Geode Capital Management LLC increased its position in shares of First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider's stock valued at $145,194,000 after purchasing an additional 61,397 shares during the last quarter. Norges Bank purchased a new stake in First Horizon during the 4th quarter valued at $132,418,000. JPMorgan Chase & Co. lifted its position in First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock worth $111,270,000 after buying an additional 3,400,811 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in First Horizon during the fourth quarter worth $102,467,000. 80.28% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

FHN has been the topic of several analyst reports. Bank of America lifted their target price on First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, January 17th. Raymond James cut their price objective on shares of First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Baird R W raised shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Monday, April 7th. Finally, UBS Group began coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and a consensus price target of $22.30.

Insiders Place Their Bets

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

First Horizon Price Performance

NYSE FHN traded down $0.31 during trading hours on Wednesday, reaching $17.25. The company's stock had a trading volume of 8,373,268 shares, compared to its average volume of 6,322,880. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company's 50-day moving average is $19.53 and its two-hundred day moving average is $19.49. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44. The stock has a market cap of $8.87 billion, a PE ratio of 12.68, a PEG ratio of 1.19 and a beta of 0.60.

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, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the previous year, the firm posted $0.35 EPS. Analysts forecast that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

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.