Raymond James & Associates Sells 39,259 Shares of First Horizon Co. (NYSE:FHN)

Raymond James & Associates lessened its position in shares of First Horizon Co. (NYSE:FHN) by 8.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 404,173 shares of the financial services provider’s stock after selling 39,259 shares during the period. Raymond James & Associates’ holdings in First Horizon were worth $6,277,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FHN. Vanguard Group Inc. boosted its position in shares of First Horizon by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock valued at $886,640,000 after purchasing an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after buying an additional 3,870,946 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of First Horizon by 28.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Millennium Management LLC lifted its position in shares of First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares during the period. Finally, LSV Asset Management boosted its stake in First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after acquiring an additional 692,100 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $17.33 on Friday. The company has a market capitalization of $9.29 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.30 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 1.84. First Horizon Co. has a 52-week low of $10.55 and a 52-week high of $17.93. The company has a fifty day moving average of $16.16 and a 200-day moving average of $15.73.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same quarter in the previous year, the company posted $0.27 EPS. As a group, equities research analysts predict that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Friday, December 13th. First Horizon’s dividend payout ratio is presently 43.48%.

First Horizon announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Stephens increased their price target on First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Royal Bank of Canada boosted their price objective on First Horizon from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Barclays increased their target price on First Horizon from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Wedbush lowered shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.92.

First Horizon 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.