Private Management Group Inc. Sells 12,080 Shares of First Horizon Co. (NYSE:FHN)

Private Management Group Inc. reduced its position in First Horizon Co. (NYSE:FHN) by 1.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,247,041 shares of the financial services provider’s stock after selling 12,080 shares during the period. Private Management Group Inc.’s holdings in First Horizon were worth $17,658,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of First Horizon by 4.2% in the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after acquiring an additional 2,276,977 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of First Horizon by 16.0% in the third quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock valued at $10,960,000 after acquiring an additional 137,525 shares in the last quarter. Lecap Asset Management Ltd. bought a new stake in shares of First Horizon in the fourth quarter valued at about $1,019,000. Louisiana State Employees Retirement System bought a new stake in shares of First Horizon in the fourth quarter valued at about $2,222,000. Finally, Qsemble Capital Management LP bought a new stake in shares of First Horizon in the third quarter valued at about $1,189,000. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on FHN shares. Evercore ISI lifted their target price on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Wedbush reiterated an “outperform” rating and issued a $17.00 target price on shares of First Horizon in a research note on Wednesday, April 10th. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Finally, Wells Fargo & Company lifted their target price on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Stock Performance

NYSE:FHN traded down $0.03 during mid-day trading on Tuesday, reaching $14.88. 4,995,410 shares of the stock were exchanged, compared to its average volume of 7,092,395. The company has a 50 day simple moving average of $14.59 and a 200-day simple moving average of $13.47. The stock has a market capitalization of $8.26 billion, a P/E ratio of 10.41, a P/E/G ratio of 4.03 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 1 year low of $8.99 and a 1 year high of $18.52.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company’s revenue was down 4.7% on a year-over-year basis. During the same period last year, the business posted $0.46 EPS. Analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.03%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

About First Horizon

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.