Mendon Capital Advisors Corp Sells 275,000 Shares of First Horizon Co. (NYSE:FHN)

Mendon Capital Advisors Corp lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 73.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,000 shares of the financial services provider’s stock after selling 275,000 shares during the quarter. First Horizon comprises 1.3% of Mendon Capital Advisors Corp’s holdings, making the stock its 19th largest holding. Mendon Capital Advisors Corp’s holdings in First Horizon were worth $1,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its holdings in shares of First Horizon by 57.6% during the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after purchasing an additional 155,982 shares during the last quarter. LSV Asset Management raised its stake in First Horizon by 49.8% in the first 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. Greenlight Capital Inc. boosted its holdings in First Horizon by 6.2% in the fourth quarter. Greenlight Capital Inc. now owns 1,377,090 shares of the financial services provider’s stock worth $19,500,000 after acquiring an additional 80,070 shares in the last quarter. Point72 Europe London LLP purchased a new stake in shares of First Horizon during the fourth quarter worth about $6,785,000. Finally, Greenwood Capital Associates LLC increased its holdings in shares of First Horizon by 26.1% during the fourth quarter. Greenwood Capital Associates LLC now owns 362,656 shares of the financial services provider’s stock valued at $5,135,000 after acquiring an additional 75,041 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 3.9 %

Shares of FHN stock opened at $14.92 on Wednesday. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $17.46. The stock has a market cap of $8.16 billion, a P/E ratio of 10.43, a P/E/G ratio of 3.17 and a beta of 0.88. The stock has a 50 day moving average of $15.79 and a 200 day moving average of $15.48. 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 posted its 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 firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. During the same period last year, the firm earned $0.39 earnings per share. As a group, sell-side analysts expect that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Royal Bank of Canada lifted their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note 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 report on Thursday, July 18th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Barclays lifted their price target 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, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus target price 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.