Daiwa Securities Group Inc. Sells 28,500 Shares of First Horizon Co. (NYSE:FHN)

Daiwa Securities Group Inc. cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 88.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,600 shares of the financial services provider’s stock after selling 28,500 shares during the period. Daiwa Securities Group Inc.’s holdings in First Horizon were worth $51,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FHN. AQR Capital Management LLC boosted its holdings 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 buying an additional 7,682,480 shares in the last quarter. North Reef Capital Management LP grew its holdings in First Horizon by 137.9% in 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 purchasing an additional 5,158,750 shares during the last quarter. LSV Asset Management increased its position 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 purchasing an additional 4,882,709 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of First Horizon by 1,068.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,129,336 shares of the financial services provider’s stock valued at $34,485,000 after purchasing an additional 2,861,474 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of First Horizon by 4.2% in the 3rd 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. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

NYSE:FHN opened at $14.81 on Monday. The stock has a market capitalization of $8.22 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 4.07 and a beta of 0.94. First Horizon Co. has a 52 week low of $8.99 and a 52 week high of $17.82. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average price is $14.64 and its 200-day moving average price is $13.57.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period in the previous year, the business earned $0.46 earnings per share. The business’s revenue was down 4.7% compared to the same quarter last year. As a group, equities analysts expect that First Horizon Co. will post 1.5 EPS for the current fiscal year.

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

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.05%. First Horizon’s dividend payout ratio is currently 41.96%.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent analyst reports. Evercore ISI upped their price objective on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a report on Friday, April 5th. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Wells Fargo & Company lifted their price target on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Finally, UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. Five equities research 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.