First Horizon Co. (NYSE:FHN) Holdings Lowered by Quadrature Capital Ltd

Quadrature Capital Ltd trimmed its stake in shares of First Horizon Co. (NYSE:FHN) by 57.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,203 shares of the financial services provider’s stock after selling 96,225 shares during the quarter. Quadrature Capital Ltd’s holdings in First Horizon were worth $1,097,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in shares of First Horizon by 224.4% in the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after purchasing an additional 19,728,357 shares in the last quarter. Norges Bank bought a new stake in shares of First Horizon in the 4th quarter worth approximately $86,487,000. LSV Asset Management raised its holdings in shares of First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares in the last quarter. Junto Capital Management LP bought a new stake in shares of First Horizon in the 4th quarter worth approximately $52,721,000. Finally, National Bank of Canada FI raised its holdings in shares of First Horizon by 499.8% in the 1st quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after purchasing an additional 3,340,700 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Stephens assumed coverage on shares of First Horizon in a report on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Evercore ISI cut their price target on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Jefferies Financial Group boosted their price objective on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Wells Fargo & Company boosted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $17.31.

First Horizon Stock Performance

NYSE:FHN traded up $0.28 during trading hours on Friday, hitting $17.13. 5,205,707 shares of the company traded hands, compared to its average volume of 7,780,180. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 3.46 and a beta of 0.89. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $17.46. The firm has a 50-day moving average of $15.61 and a 200 day moving average of $14.97. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the prior year, the company posted $0.39 EPS. On average, analysts forecast that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio is 41.96%.

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.