Moors & Cabot Inc. Sells 2,136 Shares of First Horizon Co. (NYSE:FHN)

Moors & Cabot Inc. trimmed its holdings in shares of First Horizon Co. (NYSE:FHN) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,486 shares of the financial services provider’s stock after selling 2,136 shares during the quarter. Moors & Cabot Inc.’s holdings in First Horizon were worth $654,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Access Investment Management LLC raised its holdings in shares of First Horizon by 0.8% in the second quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after acquiring an additional 715 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in shares of First Horizon by 6.5% in the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after acquiring an additional 765 shares in the last quarter. Simplicity Wealth LLC raised its holdings in shares of First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock valued at $462,000 after acquiring an additional 786 shares in the last quarter. Perigon Wealth Management LLC raised its holdings in shares of First Horizon by 7.5% in the first quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock valued at $177,000 after acquiring an additional 804 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of First Horizon by 7.5% in the second quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,094 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FHN shares. Stephens started coverage on First Horizon in a research note on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 target price on the stock. Jefferies Financial Group lifted their target price on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research note on Tuesday, August 6th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Finally, Royal Bank of Canada lifted their target price on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $17.38.

First Horizon Price Performance

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

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The firm 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 in the prior year, the company earned $0.39 EPS. As a group, equities analysts forecast that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.71%. 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.