The Manufacturers Life Insurance Company Sells 79,845 Shares of First Horizon Co. (NYSE:FHN)

The Manufacturers Life Insurance Company decreased its position in First Horizon Co. (NYSE:FHNFree Report) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,760,649 shares of the financial services provider’s stock after selling 79,845 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.32% of First Horizon worth $24,931,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Natixis Advisors L.P. grew its stake in shares of First Horizon by 30.2% in the 4th quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock valued at $3,948,000 after buying an additional 64,749 shares in the last quarter. Crestline Management LP grew its stake in shares of First Horizon by 100.8% in the 4th quarter. Crestline Management LP now owns 400,000 shares of the financial services provider’s stock valued at $5,664,000 after buying an additional 200,846 shares in the last quarter. Vanguard Group Inc. grew its stake 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 valued at $625,661,000 after buying an additional 2,276,977 shares in the last quarter. Lecap Asset Management Ltd. bought a new stake in shares of First Horizon in the 4th quarter valued at approximately $1,019,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of First Horizon in the 4th quarter valued at approximately $2,222,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 0.3 %

Shares of FHN stock opened at $15.24 on Friday. The stock has a 50 day moving average of $15.26 and a 200-day moving average of $14.44. 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 firm has a market cap of $8.33 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 2.07 and a beta of 0.91. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $16.28.

First Horizon (NYSE:FHNGet Free Report) last issued its earnings results 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. The business had revenue of $819.00 million during the quarter, compared to analyst estimates of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. First Horizon’s revenue was down 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. On average, equities analysts predict that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.94%. First Horizon’s payout ratio is 41.96%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FHN. StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a research report on Tuesday, May 21st. Barclays began coverage on First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price for the company. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. upped their target price on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, Robert W. Baird upped their target price on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.36.

Get Our Latest Analysis on FHN

First Horizon Company Profile

(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.

Further Reading

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

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