SG Americas Securities LLC Sells 259,204 Shares of First Horizon Co. (NYSE:FHN)

SG Americas Securities LLC lessened its holdings in First Horizon Co. (NYSE:FHN) by 88.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,427 shares of the financial services provider’s stock after selling 259,204 shares during the quarter. SG Americas Securities LLC’s holdings in First Horizon were worth $504,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Sei Investments Co. lifted its holdings in shares of First Horizon by 57.6% during the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after purchasing an additional 155,982 shares during the period. LSV Asset Management grew its position in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after buying an additional 4,434,929 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in shares of First Horizon by 55.5% in the first quarter. Los Angeles Capital Management LLC now owns 756,297 shares of the financial services provider’s stock valued at $11,647,000 after buying an additional 269,920 shares during the period. Seven Eight Capital LP bought a new position in shares of First Horizon during the first quarter worth about $2,366,000. Finally, Quadrature Capital Ltd acquired a new position in shares of First Horizon in the fourth quarter worth approximately $2,371,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 1.6 %

First Horizon stock opened at $16.71 on Wednesday. The firm has a market capitalization of $9.14 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 1.27 and a beta of 0.88. The firm’s fifty day moving average price is $15.73 and its two-hundred day moving average price is $15.53. First Horizon Co. has a 1-year low of $10.16 and a 1-year high of $17.46. The company has a current ratio of 0.95, a quick 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). The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same period in the previous year, the business posted $0.39 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.59%. First Horizon’s payout ratio is 41.96%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FHN shares. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Evercore ISI lowered their target price on shares of First Horizon from $18.50 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Royal Bank of Canada upped their price target on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Barclays lifted their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Finally, Jefferies Financial Group upped their target price on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.38.

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.