First Horizon Co. (NYSE:FHN) Shares Sold by Simplicity Solutions LLC

Simplicity Solutions LLC lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 13.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 24,341 shares of the financial services provider’s stock after selling 3,797 shares during the quarter. Simplicity Solutions LLC’s holdings in First Horizon were worth $345,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Byrne Asset Management LLC acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $40,000. Sequoia Financial Advisors LLC acquired a new position in First Horizon in the fourth quarter worth $233,000. International Assets Investment Management LLC acquired a new position in First Horizon in the fourth quarter worth $82,000. Nisa Investment Advisors LLC boosted its holdings in First Horizon by 0.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 106,489 shares of the financial services provider’s stock worth $1,508,000 after purchasing an additional 900 shares during the period. Finally, Venture Visionary Partners LLC boosted its holdings in First Horizon by 11.6% in the fourth quarter. Venture Visionary Partners LLC now owns 127,410 shares of the financial services provider’s stock worth $1,804,000 after purchasing an additional 13,223 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

FHN stock opened at $14.62 on Friday. The company has a market capitalization of $8.11 billion, a P/E ratio of 10.22, a PEG ratio of 4.00 and a beta of 0.94. The company has a 50-day simple moving average of $14.55 and a 200 day simple moving average of $13.37. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

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

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend was Thursday, March 14th. First Horizon’s payout ratio is currently 41.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Raymond James raised shares of First Horizon from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $13.00 to $17.00 in a report on Friday, January 5th. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Robert W. Baird lifted their price objective on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.15.

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