First Horizon Co. (NYSE:FHN) Shares Sold by Arnhold LLC

Arnhold LLC lowered its position in shares of First Horizon Co. (NYSE:FHN) by 14.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 800,526 shares of the financial services provider’s stock after selling 136,178 shares during the quarter. Arnhold LLC owned about 0.14% of First Horizon worth $11,335,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. AE Wealth Management LLC boosted its position in First Horizon by 69.8% in the third quarter. AE Wealth Management LLC now owns 32,310 shares of the financial services provider’s stock valued at $356,000 after buying an additional 13,285 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of First Horizon by 2,308.6% during the third quarter. UMB Bank n.a. now owns 4,504 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 4,317 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its position in First Horizon by 3.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 46,425 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 1,703 shares during the period. Bfsg LLC purchased a new stake in First Horizon in the third quarter valued at $160,000. Finally, Xponance Inc. grew its position in First Horizon by 2.6% during the 3rd quarter. Xponance Inc. now owns 67,427 shares of the financial services provider’s stock worth $743,000 after purchasing an additional 1,680 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FHN. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Barclays assumed coverage on shares of First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price for the company. Wedbush reissued an “outperform” rating and set a $17.00 price target on shares of First Horizon in a report on Wednesday, April 10th. Robert W. Baird lifted their price objective on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Finally, Evercore ISI increased their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Price Performance

FHN stock traded up $0.08 during midday trading on Tuesday, reaching $14.92. The stock had a trading volume of 8,372,496 shares, compared to its average volume of 7,042,042. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $17.82. The company has a market cap of $8.28 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 4.07 and a beta of 0.94. The company’s fifty day simple moving average is $14.66 and its 200 day simple moving average is $13.60. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the prior year, the company earned $0.46 EPS. First Horizon’s revenue was down 4.7% compared to the same quarter last year. As a group, sell-side analysts predict that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon declared that its board has approved a share repurchase program on Tuesday, January 23rd that permits the company to buyback $650.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The firm 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 dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio 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.