First Horizon Co. (NYSE:FHN) Shares Sold by Waters Parkerson & CO. LLC

Waters Parkerson & CO. LLC lessened its position in shares of First Horizon Co. (NYSE:FHN) by 15.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,506 shares of the financial services provider’s stock after selling 10,000 shares during the period. Waters Parkerson & CO. LLC’s holdings in First Horizon were worth $875,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after acquiring an additional 627,730 shares during the last quarter. Bank of New York Mellon Corp grew its stake in First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after buying an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP increased its position in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after buying an additional 3,470,346 shares during the period. LSV Asset Management lifted its stake in First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after buying an additional 692,100 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of First Horizon in the fourth quarter valued at approximately $86,487,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on FHN. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Stephens started coverage on shares of First Horizon in a research note on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 price objective on the stock. Royal Bank of Canada raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Finally, Barclays lifted their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Price Performance

FHN stock opened at $16.17 on Friday. The firm has a market cap of $8.84 billion, a P/E ratio of 11.30, a PEG ratio of 3.09 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The stock’s 50 day moving average price is $15.99 and its 200 day moving average price is $15.43. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The business had revenue of $1.28 billion during 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 earned $0.39 EPS. On average, sell-side analysts expect that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date is Friday, September 13th. First Horizon’s dividend payout ratio is currently 41.96%.

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.