Inspire Investing LLC Cuts Stock Position in First Horizon Co. (NYSE:FHN)

Inspire Investing LLC cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 3.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,345 shares of the financial services provider’s stock after selling 833 shares during the quarter. Inspire Investing LLC’s holdings in First Horizon were worth $352,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FHN. Janney Montgomery Scott LLC lifted its holdings in First Horizon by 3.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 52,229 shares of the financial services provider’s stock worth $740,000 after purchasing an additional 1,874 shares in the last quarter. Norges Bank bought a new position in shares of First Horizon during the fourth quarter worth $86,487,000. Quest Partners LLC purchased a new position in First Horizon during the fourth quarter valued at $306,000. Commerce Bank increased its holdings in First Horizon by 13.3% in the 4th quarter. Commerce Bank now owns 16,699 shares of the financial services provider’s stock valued at $236,000 after acquiring an additional 1,966 shares during the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new stake in First Horizon in the 4th quarter worth $555,000. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FHN shares. Jefferies Financial Group raised their price objective on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Barclays upped their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a report on Tuesday, August 6th. Raymond James downgraded 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. Finally, Evercore ISI dropped their price objective on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.38.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $15.97 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 3.09 and a beta of 0.88. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46. The firm’s 50-day moving average is $15.97 and its 200 day moving average is $15.46.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. Research analysts predict that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 dividend yield of 3.76%. The ex-dividend date of this dividend 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.