First Horizon Co. (NYSE:FHN) Stock Holdings Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in First Horizon Co. (NYSE:FHN – Get Rating) by 23.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,465,445 shares of the financial services provider’s stock after selling 1,979,851 shares during the quarter. Bank of New York Mellon Corp owned 1.20% of First Horizon worth $148,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in FHN. HBK Sorce Advisory LLC purchased a new stake in shares of First Horizon in the third quarter worth approximately $26,000. Cubist Systematic Strategies LLC purchased a new stake in shares of First Horizon in the third quarter worth approximately $39,000. TD Capital Management LLC purchased a new stake in shares of First Horizon in the third quarter worth approximately $50,000. EverSource Wealth Advisors LLC lifted its position in shares of First Horizon by 60.6% in the third quarter. EverSource Wealth Advisors LLC now owns 2,536 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 957 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its position in shares of First Horizon by 141.7% in the third quarter. CENTRAL TRUST Co now owns 2,610 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 1,530 shares in the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of First Horizon in a research report on Thursday. They set a “sell” rating on the stock.

First Horizon Price Performance

Shares of FHN opened at $14.93 on Friday. The firm has a market cap of $8.02 billion, a PE ratio of 9.76, a PEG ratio of 1.62 and a beta of 0.93. The firm’s 50 day moving average price is $23.25 and its 200 day moving average price is $23.72. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 0.94. First Horizon Co. has a twelve month low of $13.40 and a twelve month high of $24.92.

First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings data on Wednesday, January 18th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. The firm had revenue of $882.00 million for the quarter, compared to analyst estimates of $883.23 million. First Horizon had a net margin of 25.66% and a return on equity of 12.98%. During the same quarter last year, the firm earned $0.48 earnings per share. As a group, research analysts expect that First Horizon Co. will post 1.89 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Friday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $0.60 annualized dividend and a yield of 4.02%. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP Terry Lawson Akins sold 4,694 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $24.67, for a total transaction of $115,800.98. Following the transaction, the executive vice president now owns 145,691 shares in the company, valued at $3,594,196.97. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other First Horizon news, CEO D Bryan Jordan sold 93,157 shares of the stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $24.80, for a total transaction of $2,310,293.60. Following the transaction, the chief executive officer now owns 1,396,259 shares in the company, valued at $34,627,223.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Terry Lawson Akins sold 4,694 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $24.67, for a total value of $115,800.98. Following the transaction, the executive vice president now owns 145,691 shares in the company, valued at approximately $3,594,196.97. The disclosure for this sale can be found here. Corporate insiders own 1.55% of the company’s stock.

First Horizon Profile

(Get Rating)

First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.