First Horizon Co. (NYSE:FHN) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its holdings in First Horizon Co. (NYSE:FHN) by 4.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,533,338 shares of the financial services provider’s stock after selling 74,337 shares during the period. Rhumbline Advisers’ holdings in First Horizon were worth $24,181,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Rise Advisors LLC purchased a new stake in shares of First Horizon in the first quarter valued at about $25,000. Raleigh Capital Management Inc. purchased a new stake in shares of First Horizon in the fourth quarter valued at about $28,000. Fidelis Capital Partners LLC purchased a new stake in shares of First Horizon in the first quarter valued at about $28,000. Family Firm Inc. purchased a new stake in shares of First Horizon in the second quarter valued at about $28,000. Finally, Fortitude Family Office LLC grew its holdings in shares of First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,102 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FHN has been the subject of a number of analyst reports. Barclays upped their price objective on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Evercore ISI dropped their price objective on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Jefferies Financial Group upped their price objective on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Finally, Royal Bank of Canada increased their target price on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.31.

First Horizon Stock Down 2.5 %

Shares of FHN opened at $15.34 on Friday. The stock has a market capitalization of $8.39 billion, a PE ratio of 10.73, a P/E/G ratio of 3.36 and a beta of 0.88. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The company’s 50-day simple moving average is $15.97 and its 200-day simple moving average is $15.34.

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

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.91%. First Horizon’s dividend payout ratio (DPR) 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.