Steel Grove Capital Advisors LLC Has $191,000 Holdings in First Horizon Co. (NYSE:FHN)

Steel Grove Capital Advisors LLC reduced its stake in First Horizon Co. (NYSE:FHN) by 20.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,133 shares of the financial services provider’s stock after selling 3,169 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in First Horizon were worth $191,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC lifted its stake in shares of 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 valued at $740,000 after purchasing an additional 1,874 shares during the period. Commerce Bank lifted its position in shares of First Horizon by 13.3% during 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 period. Orion Portfolio Solutions LLC bought a new position in shares of First Horizon during the 4th quarter worth about $555,000. United Services Automobile Association increased its position in First Horizon by 9.7% in the 4th quarter. United Services Automobile Association now owns 40,936 shares of the financial services provider’s stock valued at $580,000 after buying an additional 3,628 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in First Horizon by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 246,551 shares of the financial services provider’s stock worth $3,491,000 after acquiring an additional 2,410 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FHN shares. Royal Bank of Canada upped their target price on 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 lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a research note on Thursday, July 18th. Barclays boosted their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Evercore ISI lowered their price target on First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a research report on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 price objective on shares of First Horizon in a report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Price Performance

First Horizon stock opened at $15.67 on Tuesday. The business’s 50 day simple moving average is $15.95 and its 200 day simple moving average is $15.46. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 3.09 and a beta of 0.88. 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 data 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 firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations 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 last year, the business posted $0.39 EPS. Sell-side analysts forecast that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.83%. The ex-dividend date is Friday, September 13th. First Horizon’s dividend payout ratio (DPR) 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.