Sumitomo Mitsui Trust Holdings Inc. Has $381,000 Stake in First Horizon Co. (NYSE:FHN)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 98.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 26,900 shares of the financial services provider’s stock after selling 1,611,604 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in First Horizon were worth $381,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FHN. CWM LLC boosted its stake in First Horizon by 218.3% during the 3rd quarter. CWM LLC now owns 23,321 shares of the financial services provider’s stock valued at $257,000 after purchasing an additional 15,995 shares during the last quarter. AE Wealth Management LLC boosted its stake in First Horizon by 69.8% during the 3rd quarter. AE Wealth Management LLC now owns 32,310 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 13,285 shares during the last quarter. UMB Bank n.a. boosted its stake in First Horizon by 2,308.6% during the 3rd quarter. UMB Bank n.a. now owns 4,504 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 4,317 shares during the last quarter. Red Door Wealth Management LLC boosted its stake in First Horizon by 55.1% during the 3rd quarter. Red Door Wealth Management LLC now owns 31,169 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 11,078 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its stake in First Horizon by 3.8% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 46,425 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 1,703 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FHN. Wells Fargo & Company lifted their price target on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Evercore ISI boosted their target price on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Barclays began coverage on First Horizon in a research note on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price on the stock. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Finally, Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $13.00 to $17.00 in a research note on Friday, January 5th. Five investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Trading Down 1.0 %

Shares of FHN stock opened at $14.78 on Friday. The company’s fifty day simple moving average is $14.62 and its two-hundred day simple moving average is $13.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 1 year low of $8.99 and a 1 year high of $17.90. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 4.10 and a beta of 0.94.

First Horizon (NYSE:FHN) last issued its 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. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.06%. First Horizon’s payout ratio is 41.96%.

First Horizon declared that its board has approved a share repurchase plan 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 plans are generally a sign that the company’s board of directors believes its shares are undervalued.

First Horizon 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.