First Horizon Co. (NYSE:FHN) Shares Sold by Beacon Capital Management LLC

Beacon Capital Management LLC cut its holdings in First Horizon Co. (NYSE:FHN) by 11.5% during the first quarter, Holdings Channel reports. The institutional investor owned 6,529 shares of the financial services provider’s stock after selling 851 shares during the quarter. Beacon Capital Management LLC’s holdings in First Horizon were worth $101,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its holdings in shares of First Horizon by 224.4% in the first quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after acquiring an additional 19,728,357 shares during the last quarter. Norges Bank acquired a new position in shares of First Horizon in the fourth quarter worth $86,487,000. LSV Asset Management raised its holdings in shares of 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 worth $205,340,000 after acquiring an additional 4,434,929 shares during the last quarter. Junto Capital Management LP purchased a new stake in shares of First Horizon in the fourth quarter valued at $52,721,000. Finally, National Bank of Canada FI grew its position in shares of First Horizon by 499.8% in the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock valued at $63,304,000 after purchasing an additional 3,340,700 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

FHN stock traded down $0.83 on Thursday, reaching $15.90. The company’s stock had a trading volume of 4,467,507 shares, compared to its average volume of 6,895,225. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. The company has a market capitalization of $8.70 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 3.40 and a beta of 0.89. The firm has a fifty day moving average of $15.66 and a two-hundred day moving average of $15.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its quarterly earnings data 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). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. During the same period last year, the company earned $0.39 earnings per share. As a group, analysts predict that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.77%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FHN. Royal Bank of Canada lifted their price objective on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Stephens initiated coverage on First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target for the company. Finally, Wells Fargo & Company upped their target price on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.31.

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.