First Horizon Co. (NYSE:FHN – Get Free Report) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 10,420,000 shares, a decline of 12.2% from the August 15th total of 11,870,000 shares. Approximately 1.9% of the company’s shares are sold short. Based on an average trading volume of 7,550,000 shares, the short-interest ratio is presently 1.4 days.
Analyst Upgrades and Downgrades
Several research firms have recently commented on FHN. Robert W. Baird started coverage on shares of First Horizon in a research report on Tuesday, July 18th. They set a “neutral” rating and a $14.00 price target for the company. Royal Bank of Canada boosted their price objective on First Horizon from $13.00 to $14.00 in a research report on Thursday, July 20th. StockNews.com initiated coverage on shares of First Horizon in a research report on Thursday, August 17th. They set a “sell” rating for the company. SpectralCast restated a “reinstates” rating on shares of First Horizon in a report on Wednesday, June 28th. Finally, Jefferies Financial Group upgraded First Horizon from a “hold” rating to a “buy” rating in a research note on Wednesday, May 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, First Horizon presently has a consensus rating of “Hold” and a consensus target price of $15.42.
First Horizon Price Performance
First Horizon (NYSE:FHN – Get Free Report) last posted its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $820.19 million. First Horizon had a net margin of 24.64% and a return on equity of 13.44%. During the same quarter last year, the firm posted $0.34 earnings per share. As a group, equities analysts anticipate that First Horizon will post 1.46 EPS for the current year.
First Horizon Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.24%. The ex-dividend date is Thursday, September 14th. First Horizon’s dividend payout ratio is currently 31.75%.
Institutional Trading of First Horizon
Several hedge funds have recently modified their holdings of FHN. BOKF NA acquired a new stake in First Horizon in the first quarter valued at $30,000. Lazard Asset Management LLC purchased a new stake in shares of First Horizon during the 2nd quarter worth approximately $31,000. Grey Fox Wealth Advisors LLC purchased a new stake in First Horizon during the 1st quarter worth about $34,000. Harbor Capital Advisors Inc. bought a new position in First Horizon in the 2nd quarter worth about $37,000. Finally, Spire Wealth Management lifted its stake in First Horizon by 156.9% in the second quarter. Spire Wealth Management now owns 3,334 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 2,036 shares during the period. Institutional investors and hedge funds own 76.44% of the company’s stock.
First Horizon Company Profile
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.
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