First Horizon Corporation $FHN Position Trimmed by Private Management Group Inc.

Private Management Group Inc. decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 25.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 514,704 shares of the financial services provider’s stock after selling 172,283 shares during the period. Private Management Group Inc. owned about 0.10% of First Horizon worth $12,301,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Meeder Advisory Services Inc. bought a new stake in First Horizon during the fourth quarter valued at $386,000. Inceptionr LLC bought a new stake in First Horizon during the fourth quarter valued at $548,000. NFC Investments LLC bought a new stake in First Horizon during the fourth quarter valued at $227,000. Illinois Municipal Retirement Fund increased its stake in First Horizon by 0.7% during the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock valued at $1,641,000 after purchasing an additional 489 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of First Horizon by 370.8% during the fourth quarter. Deutsche Bank AG now owns 185,797 shares of the financial services provider’s stock valued at $4,441,000 after acquiring an additional 146,330 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $24.98 on Friday. First Horizon Corporation has a twelve month low of $19.03 and a twelve month high of $26.56. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 0.97 and a beta of 0.60. The firm has a 50-day moving average of $24.16 and a two-hundred day moving average of $23.90.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The company had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. During the same period in the prior year, the company earned $0.42 EPS. First Horizon’s revenue was up 6.2% on a year-over-year basis. As a group, analysts expect that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s dividend payout ratio is presently 34.00%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FHN shares. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Wells Fargo & Company boosted their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. Citigroup boosted their price target on shares of First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and reduced their price target for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, First Horizon currently has an average rating of “Hold” and a consensus target price of $26.45.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.