Interval Partners LP Sells 616,248 Shares of First Horizon Co. (NYSE:FHN)

Interval Partners LP reduced its position in First Horizon Co. (NYSE:FHN - Free Report) by 46.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 714,162 shares of the financial services provider's stock after selling 616,248 shares during the period. Interval Partners LP owned about 0.13% of First Horizon worth $11,262,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Rise Advisors LLC purchased a new position in shares of First Horizon in the first quarter worth $25,000. Raleigh Capital Management Inc. purchased a new position in First Horizon in the 4th quarter worth about $28,000. Fidelis Capital Partners LLC bought a new position in First Horizon during the 1st quarter valued at about $28,000. Family Firm Inc. purchased a new stake in shares of First Horizon during the 2nd quarter valued at about $28,000. Finally, Fortitude Family Office LLC grew its stake in shares of First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider's stock worth $30,000 after acquiring an additional 1,102 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

NYSE FHN traded down $0.30 on Monday, reaching $15.67. 4,674,041 shares of the stock were exchanged, compared to its average volume of 6,558,966. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a one year low of $10.08 and a one year high of $17.46. The firm has a market capitalization of $8.57 billion, a PE ratio of 10.96, a PEG ratio of 3.09 and a beta of 0.88. The company's 50-day simple moving average is $15.95 and its two-hundred day simple moving average is $15.46.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same quarter last year, the firm posted $0.39 EPS. Analysts expect that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon's dividend payout ratio (DPR) is 41.96%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of First Horizon from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Wednesday, July 3rd. Raymond James lowered First Horizon from a "strong-buy" rating to an "outperform" rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $18.00 price objective on shares of First Horizon in a research report on Wednesday, July 17th. StockNews.com raised First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, July 20th. Finally, Evercore ISI reduced their price target on shares of First Horizon from $19.50 to $18.50 and set an "outperform" rating for the company in a research report on Tuesday, September 17th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and an average target price of $17.38.

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.