First Horizon Co. (NYSE:FHN) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its stake in shares of First Horizon Co. (NYSE:FHN) by 4.9% during the fourth quarter, HoldingsChannel reports. The firm owned 345,020 shares of the financial services provider’s stock after selling 17,888 shares during the period. Mutual of America Capital Management LLC’s holdings in First Horizon were worth $4,885,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of First Horizon by 4.2% during the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock worth $625,661,000 after purchasing an additional 2,276,977 shares in the last quarter. California Public Employees Retirement System increased its position in shares of First Horizon by 16.0% during the third quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock worth $10,960,000 after acquiring an additional 137,525 shares during the last quarter. Qsemble Capital Management LP purchased a new stake in shares of First Horizon during the third quarter worth about $1,189,000. Mercer Global Advisors Inc. ADV increased its position in shares of First Horizon by 2.0% during the third quarter. Mercer Global Advisors Inc. ADV now owns 312,183 shares of the financial services provider’s stock worth $3,440,000 after acquiring an additional 6,197 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of First Horizon by 721.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider’s stock worth $1,219,000 after acquiring an additional 97,144 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $14.20 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $14.51 and a two-hundred day moving average of $13.29. First Horizon Co. has a 52 week low of $8.99 and a 52 week high of $18.99. The company has a market cap of $7.88 billion, a P/E ratio of 9.28, a PEG ratio of 4.05 and a beta of 0.94.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $784.20 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. During the same period in the previous year, the firm posted $0.51 earnings per share. As a group, analysts anticipate that First Horizon Co. will post 1.45 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.23%. First Horizon’s dividend payout ratio is presently 39.22%.

First Horizon declared that its Board of Directors has initiated a stock buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Barclays assumed coverage on First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. StockNews.com lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. Finally, Wedbush reissued an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $16.00.

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