Raymond James & Associates Sells 39,259 Shares of First Horizon Co. (NYSE:FHN)

Raymond James & Associates decreased its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 8.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 404,173 shares of the financial services provider's stock after selling 39,259 shares during the quarter. Raymond James & Associates owned 0.07% of First Horizon worth $6,277,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of FHN. Sei Investments Co. increased its stake in First Horizon by 57.6% in the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider's stock valued at $6,573,000 after buying an additional 155,982 shares during the period. LSV Asset Management raised its holdings in shares of First Horizon by 49.8% during the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider's stock worth $205,340,000 after acquiring an additional 4,434,929 shares in the last quarter. Seven Eight Capital LP acquired a new stake in First Horizon during the first quarter valued at $2,366,000. O Shaughnessy Asset Management LLC grew its stake in First Horizon by 286.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider's stock valued at $1,012,000 after purchasing an additional 48,720 shares in the last quarter. Finally, M&G Plc purchased a new position in First Horizon in the first quarter valued at about $8,019,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on FHN. Stephens lifted their price target on First Horizon from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a research note on Thursday, October 17th. Raymond James lowered shares of First Horizon from a "strong-buy" rating to an "outperform" rating and set a $18.00 price target on the stock. in a research note on Thursday, July 18th. Royal Bank of Canada upped their price objective on shares of First Horizon from $19.00 to $20.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their target price on First Horizon from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.92.

First Horizon Stock Performance

FHN traded down $0.13 during midday trading on Friday, reaching $17.20. The company's stock had a trading volume of 4,230,175 shares, compared to its average volume of 6,553,678. The company has a current ratio of 1.84, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $16.21 and a 200 day simple moving average of $15.76. The stock has a market cap of $9.21 billion, a P/E ratio of 12.46, a PEG ratio of 1.32 and a beta of 0.88. First Horizon Co. has a twelve month low of $10.89 and a twelve month high of $17.93.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period last year, the business posted $0.27 EPS. Research analysts expect that First Horizon Co. will post 1.48 earnings per share for the current year.

First Horizon announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 10.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 3.49%. First Horizon's dividend payout ratio is 43.48%.

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.