First Trust Direct Indexing L.P. Has $168,000 Stock Position in First Horizon Co. (NYSE:FHN)

First Trust Direct Indexing L.P. lowered its stake in First Horizon Co. (NYSE:FHN) by 41.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 11,858 shares of the financial services provider’s stock after selling 8,322 shares during the period. First Trust Direct Indexing L.P.’s holdings in First Horizon were worth $168,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Byrne Asset Management LLC acquired a new position in shares of First Horizon in the 4th quarter valued at $40,000. Headlands Technologies LLC acquired a new position in shares of First Horizon in the 4th quarter valued at $56,000. Fifth Third Bancorp lifted its stake in shares of First Horizon by 59.7% in the 4th quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 1,797 shares during the period. GAMMA Investing LLC acquired a new position in shares of First Horizon in the 4th quarter valued at $71,000. Finally, Covestor Ltd raised its position in shares of First Horizon by 268.5% during the third quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 3,668 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. Evercore ISI boosted their price objective on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, March 28th. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. 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. Finally, Robert W. Baird boosted their target price on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Trading Up 1.0 %

First Horizon stock opened at $15.83 on Thursday. First Horizon Co. has a 52 week low of $9.48 and a 52 week high of $16.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market capitalization of $8.78 billion, a P/E ratio of 11.07, a PEG ratio of 4.34 and a beta of 0.94. The stock has a 50-day simple moving average of $14.87 and a 200 day simple moving average of $13.81.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping 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 quarter last year, the company posted $0.46 earnings per share. First Horizon’s quarterly revenue was down 4.7% on a year-over-year basis. Analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.79%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

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.