Emerald Mutual Fund Advisers Trust Lowers Stock Holdings in First Horizon Co. (NYSE:FHN)

Emerald Mutual Fund Advisers Trust lowered its position in shares of First Horizon Co. (NYSE:FHN) by 35.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,642 shares of the financial services provider’s stock after selling 17,920 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in First Horizon were worth $515,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of First Horizon by 224.4% during the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock valued at $439,186,000 after acquiring an additional 19,728,357 shares during the last quarter. Norges Bank purchased a new stake in First Horizon in the fourth quarter valued at approximately $86,487,000. LSV Asset Management lifted its position 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 valued at $205,340,000 after purchasing an additional 4,434,929 shares during the last quarter. Junto Capital Management LP purchased a new position in First Horizon in the 4th quarter worth approximately $52,721,000. Finally, National Bank of Canada FI increased its holdings in shares of First Horizon by 499.8% in the 1st quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after buying an additional 3,340,700 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $15.34 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $17.46. The business has a 50 day moving average price of $15.97 and a 200-day moving average price of $15.34. The firm has a market cap of $8.39 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 3.36 and a beta of 0.88.

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

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.15 per share. 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 3.91%. First Horizon’s dividend payout ratio is presently 41.96%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FHN shares. Evercore ISI dropped their price objective on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Jefferies Financial Group lifted their price target on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective on the stock. in a research report on Thursday, July 18th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 target price on shares of First Horizon in a research report on Wednesday, July 17th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research note on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $17.31.

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.