Guggenheim Capital LLC Has $3.51 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

Guggenheim Capital LLC lessened its holdings in First Horizon Co. (NYSE:FHN) by 9.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 197,313 shares of the financial services provider’s stock after selling 19,584 shares during the period. Guggenheim Capital LLC’s holdings in First Horizon were worth $3,508,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FHN. Impax Asset Management Group plc bought a new stake in First Horizon during the first quarter worth about $338,000. Tower Research Capital LLC TRC grew its stake in First Horizon by 217.0% during the first quarter. Tower Research Capital LLC TRC now owns 53,922 shares of the financial services provider’s stock worth $959,000 after buying an additional 36,911 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new stake in First Horizon during the fourth quarter worth about $1,160,000. Davis Investment Partners LLC bought a new stake in First Horizon during the fourth quarter worth about $843,000. Finally, AustralianSuper Pty Ltd bought a new stake in First Horizon during the first quarter worth about $3,357,000. Institutional investors and hedge funds own 76.44% of the company’s stock.

First Horizon Trading Up 1.1 %

Shares of NYSE FHN opened at $12.36 on Tuesday. The company’s 50 day simple moving average is $12.52 and its 200 day simple moving average is $15.02. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $24.92. The firm has a market capitalization of $6.90 billion, a P/E ratio of 6.54, a P/E/G ratio of 3.37 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.93.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. First Horizon had a net margin of 24.64% and a return on equity of 13.44%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $820.19 million. During the same period in the prior year, the business posted $0.34 earnings per share. On average, analysts predict that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.60 annualized dividend and a yield of 4.86%. First Horizon’s dividend payout ratio (DPR) is presently 31.75%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FHN. SpectralCast reaffirmed a “reinstates” rating on shares of First Horizon in a research note on Wednesday, June 28th. StockNews.com initiated coverage on shares of First Horizon in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Jefferies Financial Group raised shares of First Horizon from a “hold” rating to a “buy” rating in a research note on Wednesday, May 24th. The Goldman Sachs Group initiated coverage on shares of First Horizon in a research note on Wednesday, June 28th. They set a “neutral” rating on the stock. Finally, Royal Bank of Canada increased their price target on shares of First Horizon from $13.00 to $14.00 in a research note on Thursday, July 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and a consensus price target of $15.42.

Insiders Place Their Bets

In other news, Director William H. Fenstermaker bought 10,000 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were bought at an average cost of $11.62 per share, for a total transaction of $116,200.00. Following the completion of the acquisition, the director now owns 256,312 shares in the company, valued at approximately $2,978,345.44. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.55% of the company’s stock.

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 three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.