Truist Financial Corp reduced its stake in shares of First Horizon Co. (NYSE:FHN – Free Report) by 10.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,732 shares of the financial services provider’s stock after selling 5,776 shares during the period. Truist Financial Corp’s holdings in First Horizon were worth $538,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Keybank National Association OH acquired a new stake in First Horizon during the 2nd quarter worth about $528,000. Fort Sheridan Advisors LLC boosted its position in First Horizon by 6.5% in the second quarter. Fort Sheridan Advisors LLC now owns 90,170 shares of the financial services provider’s stock valued at $1,016,000 after buying an additional 5,500 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its holdings in First Horizon by 1.1% in the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 242,359 shares of the financial services provider’s stock worth $2,731,000 after buying an additional 2,662 shares during the period. Money Concepts Capital Corp acquired a new position in First Horizon during the second quarter valued at $9,614,000. Finally, Retirement Systems of Alabama boosted its holdings in First Horizon by 15.9% in the second quarter. Retirement Systems of Alabama now owns 1,847,624 shares of the financial services provider’s stock valued at $20,823,000 after purchasing an additional 253,127 shares during the last quarter. 76.44% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the company. Robert W. Baird assumed coverage on First Horizon in a report on Tuesday, July 18th. They issued a “neutral” rating and a $14.00 price objective for the company. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of First Horizon in a report on Wednesday, October 4th. Wedbush raised shares of First Horizon from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $12.00 to $14.00 in a report on Friday, November 3rd. Royal Bank of Canada cut their price objective on shares of First Horizon from $14.00 to $12.00 in a report on Tuesday, October 10th. Finally, Jefferies Financial Group lowered their target price on shares of First Horizon from $15.00 to $12.00 in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.78.
First Horizon Price Performance
First Horizon stock opened at $11.11 on Friday. The company has a fifty day simple moving average of $11.11 and a 200-day simple moving average of $11.93. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 6.65, a PEG ratio of 3.35 and a beta of 0.97. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $24.92.
First Horizon (NYSE:FHN – Get Free Report) last released its earnings results on Wednesday, October 18th. The financial services provider reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $801.16 million. First Horizon had a net margin of 20.40% and a return on equity of 11.74%. During the same period last year, the company posted $0.44 EPS. On average, equities analysts anticipate that First Horizon Co. will post 1.41 EPS for the current fiscal year.
First Horizon Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date of this dividend is Thursday, December 14th. First Horizon’s dividend payout ratio (DPR) is presently 35.93%.
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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