Ameriprise Financial Inc. Cuts Stock Holdings in First Horizon Co. (NYSE:FHN)

Ameriprise Financial Inc. lowered its stake in shares of First Horizon Co. (NYSE:FHN) by 8.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 679,556 shares of the financial services provider’s stock after selling 61,221 shares during the quarter. Ameriprise Financial Inc. owned 0.13% of First Horizon worth $13,700,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Barclays PLC increased its holdings in First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider’s stock valued at $29,301,000 after buying an additional 1,185,772 shares during the last quarter. Gateway Investment Advisers LLC boosted its stake in First Horizon by 8.8% in the fourth quarter. Gateway Investment Advisers LLC now owns 68,593 shares of the financial services provider’s stock valued at $1,381,000 after acquiring an additional 5,553 shares in the last quarter. Ritholtz Wealth Management acquired a new position in First Horizon in the fourth quarter valued at $352,000. Merit Financial Group LLC acquired a new position in First Horizon in the fourth quarter valued at $453,000. Finally, Krilogy Financial LLC acquired a new position in First Horizon in the fourth quarter valued at $261,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Up 0.5%

Shares of First Horizon stock opened at $20.36 on Friday. First Horizon Co. has a 12-month low of $14.09 and a 12-month high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market cap of $10.32 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a 50-day moving average of $18.40 and a two-hundred day moving average of $19.81.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million during the quarter, compared to analysts’ expectations of $825.11 million. During the same period last year, the company posted $0.35 earnings per share. On average, research analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.95%. First Horizon’s dividend payout ratio (DPR) is 41.67%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FHN shares. Baird R W upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Wells Fargo & Company decreased their target price on shares of First Horizon from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Citigroup increased their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Raymond James decreased their target price on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Finally, Royal Bank of Canada decreased their target price on shares of First Horizon from $24.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, April 17th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.97.

First Horizon Company Profile

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.