Silvercrest Asset Management Group LLC Decreases Stake in First Horizon Co. (NYSE:FHN)

Silvercrest Asset Management Group LLC reduced its holdings in First Horizon Co. (NYSE:FHN) by 40.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,116 shares of the financial services provider’s stock after selling 22,698 shares during the period. Silvercrest Asset Management Group LLC’s holdings in First Horizon were worth $525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. 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 worth $886,640,000 after buying an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp raised its stake in First Horizon by 224.4% during 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 purchasing an additional 19,728,357 shares during the period. LSV Asset Management raised its stake in First Horizon by 49.8% during the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares during the period. Dimensional Fund Advisors LP raised its stake in First Horizon by 10.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock worth $136,526,000 after purchasing an additional 883,503 shares during the period. Finally, Norges Bank purchased a new position in First Horizon during the fourth quarter worth about $86,487,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Down 0.6 %

Shares of FHN stock opened at $16.73 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $9.15 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 3.40 and a beta of 0.89. The company has a 50 day moving average price of $15.66 and a 200 day moving average price of $15.03. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $17.46.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same quarter last year, the firm posted $0.39 EPS. Equities research analysts predict that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.59%. First Horizon’s dividend payout ratio is currently 41.96%.

Wall Street Analyst Weigh In

FHN has been the topic of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Robert W. Baird lifted their target price on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 target price on shares of First Horizon in a research note on Wednesday, July 17th. Wedbush reaffirmed an “outperform” rating and set a $17.00 target price on shares of First Horizon in a research note on Wednesday, April 10th. Finally, Evercore ISI dropped their price target on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average 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.