First Horizon Co. (NYSE:FHN) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 0.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 4,151,852 shares of the financial services provider’s stock after selling 21,021 shares during the period. Clearbridge Investments LLC’s holdings in First Horizon were worth $65,475,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Access Investment Management LLC raised its holdings in shares of First Horizon by 0.8% in the 2nd quarter. Access Investment Management LLC now owns 87,655 shares of the financial services provider’s stock valued at $1,382,000 after buying an additional 715 shares during the period. First Trust Direct Indexing L.P. boosted its position in First Horizon by 6.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after buying an additional 765 shares during the period. Simplicity Wealth LLC grew its stake in shares of First Horizon by 2.8% in the second quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after acquiring an additional 786 shares in the last quarter. Perigon Wealth Management LLC increased its position in shares of First Horizon by 7.5% during the first quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 804 shares during the period. Finally, CIBC Asset Management Inc raised its stake in shares of First Horizon by 7.5% in the second quarter. CIBC Asset Management Inc now owns 15,771 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 1,094 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent research reports. Robert W. Baird restated a “neutral” rating and set a $16.00 price target on shares of First Horizon in a report on Tuesday, August 6th. Royal Bank of Canada raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target for the company. in a report on Thursday, July 18th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $17.00 in a research report on Tuesday, September 24th. Finally, Barclays lifted their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Six analysts have rated the stock with a hold rating and eight have issued a 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 $17.35.

First Horizon Stock Performance

Shares of FHN stock opened at $15.06 on Thursday. The stock’s 50-day moving average is $15.77 and its two-hundred day moving average is $15.48. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. First Horizon Co. has a 1 year low of $10.08 and a 1 year high of $17.46. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 3.17 and a beta of 0.88.

First Horizon (NYSE:FHN) last released its quarterly earnings results 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 return on equity of 8.84% and a net margin of 14.03%. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. During the same quarter in the prior year, the business earned $0.39 EPS. Analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.98%. 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.