Canada Pension Plan Investment Board Sells 404,400 Shares of First Horizon Co. (NYSE:FHN)

Canada Pension Plan Investment Board lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 23.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,289,900 shares of the financial services provider’s stock after selling 404,400 shares during the quarter. Canada Pension Plan Investment Board owned about 0.24% of First Horizon worth $20,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings 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 worth $886,640,000 after purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of First Horizon by 13.6% in the second 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 in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of First Horizon by 28.8% in 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 in the last quarter. LSV Asset Management lifted its stake in shares of 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 worth $221,187,000 after buying an additional 692,100 shares in the last quarter. Finally, Norges Bank bought a new position in shares of First Horizon in the fourth quarter worth approximately $86,487,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FHN shares. Barclays upped their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Robert W. Baird restated a “neutral” rating and issued a $16.00 price target on shares of First Horizon in a research report on Tuesday, August 6th. Evercore ISI decreased their target price on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a research note on Tuesday, September 17th. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a report on Thursday, July 18th. Finally, Jefferies Financial Group boosted 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. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. 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 Trading Down 1.2 %

Shares of FHN stock opened at $15.97 on Monday. The stock’s fifty day moving average is $15.97 and its two-hundred day moving average is $15.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $8.73 billion, a P/E ratio of 11.17, 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.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the previous year, the business posted $0.39 earnings per share. Research 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 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 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s payout ratio is presently 41.96%.

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.