Davis Investment Partners LLC Sells 8,500 Shares of First Horizon Co. (NYSE:FHN)

Davis Investment Partners LLC cut its holdings in First Horizon Co. (NYSE:FHNFree Report) by 24.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,102 shares of the financial services provider’s stock after selling 8,500 shares during the quarter. Davis Investment Partners LLC’s holdings in First Horizon were worth $365,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in First Horizon by 4.2% in the 3rd 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. State Street Corp lifted its position in First Horizon by 5.7% in the 2nd quarter. State Street Corp now owns 24,689,257 shares of the financial services provider’s stock valued at $281,883,000 after acquiring an additional 1,321,075 shares in the last quarter. North Reef Capital Management LP lifted its holdings in shares of First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after buying an additional 5,158,750 shares during the period. Geode Capital Management LLC lifted its holdings in shares of First Horizon by 4.8% during the 2nd quarter. Geode Capital Management LLC now owns 7,973,123 shares of the financial services provider’s stock valued at $89,710,000 after buying an additional 365,205 shares during the period. Finally, Royal Bank of Canada lifted its holdings in shares of First Horizon by 9.9% during the 1st quarter. Royal Bank of Canada now owns 7,849,284 shares of the financial services provider’s stock valued at $184,381,000 after buying an additional 704,662 shares during the period. 76.44% of the stock is owned by institutional investors.

First Horizon Price Performance

FHN stock traded up $0.18 during trading on Thursday, reaching $15.40. The company’s stock had a trading volume of 4,453,974 shares, compared to its average volume of 7,754,973. First Horizon Co. has a 1 year low of $8.99 and a 1 year high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.55 billion, a P/E ratio of 9.95, a price-to-earnings-growth ratio of 4.32 and a beta of 0.93. The company’s fifty day moving average is $14.25 and its 200-day moving average is $12.88.

First Horizon (NYSE:FHNGet Free Report) last issued its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $784.20 million. During the same quarter in the prior year, the business posted $0.51 EPS. On average, research analysts expect that First Horizon Co. will post 1.42 earnings per share for the current fiscal year.

First Horizon declared 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 generally an indication that the company’s management believes its shares are undervalued.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.90%. First Horizon’s payout ratio is 39.22%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FHN. Barclays began coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 price target on the stock. StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and increased their price target for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Citigroup began coverage on First Horizon in a report on Friday, December 1st. They set a “buy” rating and a $14.00 price target on the stock. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $16.00 price target on shares of First Horizon in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $14.68.

View Our Latest Stock Report on First Horizon

First Horizon Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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