UBS Group AG Sells 24,386 Shares of First Horizon Co. (NYSE:FHN)

UBS Group AG cut its holdings in shares of First Horizon Co. (NYSE:FHNFree Report) by 4.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 588,999 shares of the financial services provider’s stock after selling 24,386 shares during the quarter. UBS Group AG owned about 0.11% of First Horizon worth $8,340,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Byrne Asset Management LLC acquired a new position in shares of First Horizon in the fourth quarter valued at approximately $40,000. Covestor Ltd raised its stake in First Horizon by 268.5% in the 3rd 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 in the last quarter. Headlands Technologies LLC bought a new stake in First Horizon in the 4th quarter valued at about $56,000. Spire Wealth Management grew its position in shares of First Horizon by 57.3% during the 3rd quarter. Spire Wealth Management now owns 5,244 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 1,910 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of First Horizon by 59.7% in the fourth quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider’s stock valued at $68,000 after buying an additional 1,797 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on FHN. Robert W. Baird raised their price objective on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, April 18th. Stephens assumed coverage on shares of First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price objective for the company. Barclays started coverage on shares of First Horizon in a research note on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and increased their price target for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Finally, Wells Fargo & Company boosted their price objective 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.36.

Read Our Latest Stock Report on First Horizon

First Horizon Stock Performance

NYSE:FHN opened at $15.71 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $16.28. The company has a 50 day simple moving average of $15.25 and a two-hundred day simple moving average of $14.41. The company has a market capitalization of $8.59 billion, a PE ratio of 10.99, a P/E/G ratio of 2.14 and a beta of 0.91.

First Horizon (NYSE:FHNGet Free Report) 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 company had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. First Horizon’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. Research analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio is 41.96%.

About First Horizon

(Free Report)

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.

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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