First Horizon Co. (NYSE:FHN) is North Reef Capital Management LP’s 2nd Largest Position

North Reef Capital Management LP cut its stake in shares of First Horizon Co. (NYSE:FHN) by 1.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,022,000 shares of the financial services provider’s stock after selling 178,000 shares during the period. First Horizon comprises approximately 10.9% of North Reef Capital Management LP’s holdings, making the stock its 2nd largest position. North Reef Capital Management LP owned approximately 2.27% of First Horizon worth $242,123,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FHN. Bank of New York Mellon Corp raised its position in First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after acquiring an additional 7,715,191 shares in the last quarter. Norges Bank acquired a new position in shares of First Horizon during the 4th quarter worth $132,418,000. Raymond James Financial Inc. bought a new position in shares of First Horizon during the 4th quarter valued at $102,467,000. JPMorgan Chase & Co. raised its holdings in shares of First Horizon by 160.1% during the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after purchasing an additional 3,400,811 shares in the last quarter. Finally, Amundi lifted its stake in shares of First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after purchasing an additional 2,683,746 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on FHN. Bank of America raised their target price on First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, April 17th. Robert W. Baird raised First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 price objective on the stock in a research note on Monday, April 7th. Wells Fargo & Company decreased their target price on First Horizon from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday, April 8th. Finally, Stephens reaffirmed an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and an average price target of $22.03.

First Horizon Stock Up 2.2 %

Shares of FHN opened at $17.77 on Friday. First Horizon Co. has a 52 week low of $14.09 and a 52 week high of $22.44. The firm has a market capitalization of $9.13 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.19 and a beta of 0.60. The company has a 50-day simple moving average of $18.83 and a 200-day simple moving average of $19.55. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.38%. First Horizon’s dividend payout ratio is currently 41.67%.

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.