Northwestern Mutual Wealth Management Co. Sells 8,197 Shares of First Horizon Co. (NYSE:FHN)

Northwestern Mutual Wealth Management Co. cut its stake in First Horizon Co. (NYSE:FHN) by 20.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,309 shares of the financial services provider’s stock after selling 8,197 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in First Horizon were worth $494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 627,730 shares during the period. Bank of New York Mellon Corp raised its holdings in 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 acquiring an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP lifted 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 worth $244,647,000 after acquiring an additional 3,470,346 shares during the period. Millennium Management LLC grew its holdings in shares of First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock worth $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of First Horizon by 5.2% during 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 purchasing an additional 692,100 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on FHN shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Jefferies Financial Group lifted their target price on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Evercore ISI dropped their price target on shares of First Horizon from $18.50 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, October 2nd. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Barclays increased their target price on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $17.35.

First Horizon Stock Down 1.2 %

Shares of NYSE FHN opened at $15.46 on Wednesday. First Horizon Co. has a 12-month low of $10.16 and a 12-month high of $17.46. The firm’s 50-day simple moving average is $15.65 and its 200 day simple moving average is $15.49. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 3.17 and a beta of 0.88.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same quarter in the previous year, the company posted $0.39 earnings per share. On average, research analysts expect that First Horizon Co. will post 1.46 earnings per share for the current fiscal 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 was Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.88%. First Horizon’s payout ratio is 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.