Royal Bank of Canada Decreases Position in First Horizon Corporation $FHN

Royal Bank of Canada lessened its stake in First Horizon Corporation (NYSE:FHN) by 16.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 898,354 shares of the financial services provider’s stock after selling 174,952 shares during the quarter. Royal Bank of Canada owned approximately 0.19% of First Horizon worth $20,447,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Empowered Funds LLC purchased a new position in shares of First Horizon during the 1st quarter valued at $2,789,000. Quantinno Capital Management LP increased its holdings in First Horizon by 69.7% in the 1st quarter. Quantinno Capital Management LP now owns 347,358 shares of the financial services provider’s stock worth $7,906,000 after acquiring an additional 142,716 shares during the last quarter. Sculptor Capital LP raised its stake in First Horizon by 4.9% in the 1st quarter. Sculptor Capital LP now owns 3,300,000 shares of the financial services provider’s stock valued at $75,108,000 after acquiring an additional 155,000 shares during the period. Quadcap Wealth Management LLC bought a new stake in First Horizon in the 1st quarter valued at about $387,000. Finally, North Reef Capital Management LP lifted its holdings in First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN opened at $26.16 on Thursday. The stock has a 50-day moving average price of $25.21 and a 200-day moving average price of $24.40. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $12.42 billion, a P/E ratio of 12.52, a PEG ratio of 1.03 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $890.00 million for the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period last year, the firm posted $0.45 earnings per share. Equities analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of recent research reports. Wells Fargo & Company upped their price target on shares of First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Raymond James Financial boosted their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. DA Davidson restated a “neutral” rating and set a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. JPMorgan Chase & Co. cut their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted their price target on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, First Horizon presently has an average rating of “Hold” and an average target price of $27.16.

First Horizon Profile

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.