Mackenzie Financial Corp Cuts Stock Position in First Horizon Co. (NYSE:FHN)

Mackenzie Financial Corp lowered its holdings in First Horizon Co. (NYSE:FHN) by 80.3% during the 4th quarter, Holdings Channel reports. The firm owned 95,442 shares of the financial services provider’s stock after selling 388,750 shares during the period. Mackenzie Financial Corp’s holdings in First Horizon were worth $1,351,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in First Horizon by 4.2% in 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 during the last quarter. California Public Employees Retirement System lifted its position in shares of First Horizon by 16.0% during the 3rd quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock valued at $10,960,000 after buying an additional 137,525 shares during the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of First Horizon during the 4th quarter valued at $1,019,000. Louisiana State Employees Retirement System purchased a new position in shares of First Horizon during the 4th quarter valued at $2,222,000. Finally, Qsemble Capital Management LP purchased a new position in shares of First Horizon during the 3rd quarter valued at $1,189,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $14.93 on Thursday. The business’s 50-day moving average price is $14.61 and its two-hundred day moving average price is $13.48. First Horizon Co. has a twelve month low of $8.99 and a twelve month high of $18.29. The stock has a market cap of $8.28 billion, a P/E ratio of 10.44, a PEG ratio of 4.10 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 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 for the quarter, beating the consensus estimate 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 return on equity of 8.96% and a net margin of 16.07%. The company’s revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS. As a group, equities analysts predict that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

First Horizon declared that its Board of Directors has approved a stock repurchase plan on Tuesday, January 23rd that permits the company to buyback $650.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

FHN has been the topic of a number of recent research reports. Robert W. Baird upped their price target on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. Wedbush reissued an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. JPMorgan Chase & Co. increased their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Finally, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $16.15.

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.