ProShare Advisors LLC Cuts Stock Holdings in First Horizon Co. (NYSE:FHN)

ProShare Advisors LLC reduced its stake in First Horizon Co. (NYSE:FHN) by 5.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 25,790 shares of the financial services provider’s stock after selling 1,470 shares during the quarter. ProShare Advisors LLC’s holdings in First Horizon were worth $407,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Sei Investments Co. raised its holdings in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after purchasing an additional 155,982 shares during the last quarter. LSV Asset Management lifted its position in shares of First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after buying an additional 4,434,929 shares in the last quarter. Greenlight Capital Inc. boosted its stake in shares of First Horizon by 6.2% in the 4th quarter. Greenlight Capital Inc. now owns 1,377,090 shares of the financial services provider’s stock worth $19,500,000 after buying an additional 80,070 shares during the last quarter. Point72 Europe London LLP bought a new position in shares of First Horizon in the fourth quarter valued at approximately $6,785,000. Finally, Greenwood Capital Associates LLC increased its position in shares of First Horizon by 26.1% during the fourth quarter. Greenwood Capital Associates LLC now owns 362,656 shares of the financial services provider’s stock valued at $5,135,000 after acquiring an additional 75,041 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

Shares of NYSE:FHN opened at $14.92 on Wednesday. The company has a 50 day moving average of $15.79 and a 200 day moving average of $15.48. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market cap of $8.16 billion, a P/E ratio of 10.43, a P/E/G ratio of 3.17 and a beta of 0.88. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the previous year, the company posted $0.39 EPS. As a group, sell-side analysts forecast that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.15 per share. The ex-dividend date was Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FHN. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. Royal Bank of Canada raised their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research note on Tuesday, August 6th. Barclays raised their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $17.00 in a report on Tuesday, September 24th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.38.

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.