Toronto Dominion Bank Sells 19,747,340 Shares of First Horizon Co. (NYSE:FHN)

Toronto Dominion Bank trimmed its holdings in shares of First Horizon Co. (NYSE:FHN) by 99.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,875 shares of the financial services provider’s stock after selling 19,747,340 shares during the period. Toronto Dominion Bank’s holdings in First Horizon were worth $282,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake 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 purchasing an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP increased its position in shares of First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after buying an additional 3,470,346 shares in the last quarter. LSV Asset Management grew 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 acquiring an additional 692,100 shares during the period. Finally, Scout Investments Inc. increased its holdings in shares of First Horizon by 22.5% in the fourth quarter. Scout Investments Inc. now owns 5,809,388 shares of the financial services provider’s stock worth $82,261,000 after acquiring an additional 1,067,006 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $15.51 on Tuesday. The company’s 50 day moving average is $15.83 and its 200-day moving average is $15.48. The firm has a market cap of $8.48 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 3.17 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 company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced 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 net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. During the same quarter last year, the firm posted $0.39 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.87%. First Horizon’s dividend payout ratio is currently 41.96%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FHN. Royal Bank of Canada increased their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Barclays lifted their target price on First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $17.38.

First Horizon Company 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.