First Horizon Co. (NYSE:FHN) Holdings Lowered by Rafferty Asset Management LLC

Rafferty Asset Management LLC trimmed its stake in shares of First Horizon Co. (NYSE:FHN) by 23.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,083,630 shares of the financial services provider’s stock after selling 328,377 shares during the period. Rafferty Asset Management LLC’s holdings in First Horizon were worth $21,824,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of First Horizon by 160.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock worth $111,270,000 after purchasing an additional 3,400,811 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $304,000. Merit Financial Group LLC acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $453,000. Smith Group Asset Management LLC acquired a new stake in First Horizon in the fourth quarter valued at approximately $1,813,000. Finally, Atria Investments Inc acquired a new stake in First Horizon in the fourth quarter valued at approximately $442,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Down 0.2%

Shares of First Horizon stock opened at $20.31 on Friday. The firm has a market capitalization of $10.30 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company’s fifty day moving average price is $18.36 and its two-hundred day moving average price is $19.77. First Horizon Co. has a 52-week low of $14.09 and a 52-week high of $22.44.

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

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.95%. First Horizon’s dividend payout ratio is presently 41.67%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FHN. Stephens reiterated an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a research note on Friday, January 17th. Citigroup boosted their price objective 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. JPMorgan Chase & Co. boosted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods dropped their target price on shares of First Horizon from $24.00 to $22.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Finally, Raymond James dropped their target price on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.