NewEdge Advisors LLC Reduces Position in First Horizon Co. (NYSE:FHN)

NewEdge Advisors LLC cut its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 19.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,247 shares of the financial services provider's stock after selling 50,229 shares during the quarter. NewEdge Advisors LLC's holdings in First Horizon were worth $4,114,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Bridgewater Associates LP bought a new stake in shares of First Horizon during the 4th quarter valued at about $903,000. Ontario Teachers Pension Plan Board grew its position in First Horizon by 17.8% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 34,067 shares of the financial services provider's stock valued at $686,000 after buying an additional 5,150 shares during the period. XTX Topco Ltd increased its holdings in First Horizon by 66.0% during the fourth quarter. XTX Topco Ltd now owns 20,836 shares of the financial services provider's stock valued at $420,000 after buying an additional 8,287 shares during the last quarter. Belpointe Asset Management LLC boosted its stake in shares of First Horizon by 3.1% during the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock worth $355,000 after acquiring an additional 535 shares during the last quarter. Finally, Mariner LLC grew its position in shares of First Horizon by 5.7% during the 4th quarter. Mariner LLC now owns 139,373 shares of the financial services provider's stock valued at $2,807,000 after acquiring an additional 7,541 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Up 0.9 %

Shares of NYSE:FHN traded up $0.16 during trading hours on Friday, hitting $17.93. The company's stock had a trading volume of 1,345,872 shares, compared to its average volume of 6,387,064. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm's fifty day moving average price is $18.83 and its 200 day moving average price is $19.55. First Horizon Co. has a 52 week low of $14.09 and a 52 week high of $22.44. The company has a market capitalization of $9.22 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results 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. The business had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter last year, the firm earned $0.35 EPS. As a group, research analysts expect 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. Stockholders of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio is currently 41.67%.

Analysts Set New Price Targets

FHN has been the topic of several analyst reports. Citigroup lifted their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a report on Friday, February 28th. Raymond James reduced their price target on shares of First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Bank of America raised their price target on First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Finally, Royal Bank of Canada cut their price objective on shares of First Horizon from $24.00 to $22.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Six 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's stock. According to MarketBeat, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus price target 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.