Prudential PLC Trims Position in First Horizon Co. (NYSE:FHN)

Prudential PLC lowered its position in First Horizon Co. (NYSE:FHN - Free Report) by 41.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 81,395 shares of the financial services provider's stock after selling 57,177 shares during the period. Prudential PLC's holdings in First Horizon were worth $1,639,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Townsquare Capital LLC purchased a new position in First Horizon in the third quarter worth approximately $231,000. Quantinno Capital Management LP grew its holdings in shares of First Horizon by 8.4% during the 3rd quarter. Quantinno Capital Management LP now owns 27,760 shares of the financial services provider's stock worth $431,000 after purchasing an additional 2,145 shares during the period. Quadrature Capital Ltd increased its position in shares of First Horizon by 24.3% during the 3rd quarter. Quadrature Capital Ltd now owns 45,193 shares of the financial services provider's stock worth $701,000 after purchasing an additional 8,834 shares during the last quarter. Stifel Financial Corp increased its position in shares of First Horizon by 14.8% during the 3rd quarter. Stifel Financial Corp now owns 85,461 shares of the financial services provider's stock worth $1,327,000 after purchasing an additional 10,988 shares during the last quarter. Finally, State Street Corp raised its holdings in First Horizon by 18.6% in the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock valued at $410,789,000 after buying an additional 4,116,486 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Remove Ads

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

FHN has been the subject of several research reports. Raymond James dropped their target price on First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Barclays decreased their price objective on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a report on Friday, January 17th. UBS Group initiated coverage on First Horizon in a report on Tuesday, December 17th. They set a "buy" rating and a $25.00 price target for the company. Finally, Keefe, Bruyette & Woods upped their price objective on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a research report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.30.

First Horizon Stock Performance

First Horizon stock traded down $0.34 during mid-day trading on Friday, reaching $16.60. 2,532,221 shares of the company were exchanged, compared to its average volume of 6,280,889. The firm has a market cap of $8.54 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. 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 firm's 50-day simple moving average is $19.82 and its two-hundred day simple moving average is $19.45. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period last year, the business posted $0.32 EPS. Equities analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio is presently 44.12%.

About First Horizon

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.