Perigon Wealth Management LLC Sells 2,112 Shares of First Horizon Co. (NYSE:FHN)

Perigon Wealth Management LLC reduced its holdings in shares of First Horizon Co. (NYSE:FHN) by 16.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,716 shares of the financial services provider’s stock after selling 2,112 shares during the period. Perigon Wealth Management LLC’s holdings in First Horizon were worth $152,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position 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 worth $625,661,000 after purchasing an additional 2,276,977 shares in the last quarter. California Public Employees Retirement System boosted its holdings in First Horizon by 16.0% in the third quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock worth $10,960,000 after acquiring an additional 137,525 shares in the last quarter. Qsemble Capital Management LP purchased a new stake in shares of First Horizon in the third quarter worth $1,189,000. Mercer Global Advisors Inc. ADV increased its holdings in shares of First Horizon by 2.0% during the third quarter. Mercer Global Advisors Inc. ADV now owns 312,183 shares of the financial services provider’s stock valued at $3,440,000 after acquiring an additional 6,197 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of First Horizon by 721.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider’s stock worth $1,219,000 after purchasing an additional 97,144 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FHN. Evercore ISI increased 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. Wedbush reiterated an “outperform” rating and set a $17.00 price target on shares of First Horizon in a report on Wednesday, April 10th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $18.00 in a research note on Friday, April 5th. Finally, UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

First Horizon Trading Up 1.9 %

Shares of NYSE:FHN opened at $14.17 on Thursday. The stock’s 50-day simple moving average is $14.52 and its two-hundred day simple moving average is $13.34. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 3.98 and a beta of 0.94. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $18.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95.

First Horizon (NYSE:FHN) last issued 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 firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 EPS. Analysts expect that First Horizon Co. will post 1.45 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Thursday, March 14th. First Horizon’s dividend payout ratio is presently 39.22%.

First Horizon declared that its Board of Directors has approved a share buyback program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

First Horizon 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.