Perigon Wealth Management LLC Reduces Stock Holdings in First Horizon Co. (NYSE:FHN)

Perigon Wealth Management LLC reduced its holdings in shares of First Horizon Co. (NYSE:FHN) by 16.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,716 shares of the financial services provider’s stock after selling 2,112 shares during the period. Perigon Wealth Management LLC’s holdings in First Horizon were worth $152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in shares of First Horizon by 6,217.8% in the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after purchasing an additional 7,682,480 shares during the last quarter. Norges Bank purchased a new position in shares of First Horizon in the fourth quarter worth $133,345,000. North Reef Capital Management LP lifted its stake in shares of First Horizon by 137.9% during the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after buying an additional 5,158,750 shares during the period. LSV Asset Management lifted its stake in shares of First Horizon by 807.7% during the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after buying an additional 4,882,709 shares during the period. Finally, State Street Corp grew its holdings in shares of First Horizon by 15.7% during the first quarter. State Street Corp now owns 23,368,182 shares of the financial services provider’s stock valued at $418,736,000 after buying an additional 3,173,357 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on FHN shares. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their price target for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, April 5th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Finally, Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

First Horizon Stock Up 1.9 %

Shares of FHN opened at $14.17 on Thursday. The firm has a market cap of $7.86 billion, a P/E ratio of 9.26, a PEG ratio of 3.98 and a beta of 0.94. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $18.99. The stock’s 50 day moving average is $14.52 and its two-hundred day moving average is $13.34. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.46 EPS. Analysts predict that First Horizon Co. will post 1.45 earnings per share for the current fiscal year.

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

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors 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 (DPR) is presently 39.22%.

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.