Toronto Dominion Bank Sells 19,747,340 Shares of First Horizon Co. (NYSE:FHN)

Toronto Dominion Bank decreased its stake in First Horizon Co. (NYSE:FHN) by 99.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 17,875 shares of the financial services provider’s stock after selling 19,747,340 shares during the quarter. Toronto Dominion Bank’s holdings in First Horizon were worth $282,000 at the end of the most recent reporting period.

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

First Horizon Stock Performance

Shares of FHN opened at $15.51 on Tuesday. First Horizon Co. has a 52-week low of $10.08 and a 52-week high of $17.46. The stock has a market cap of $8.48 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 3.17 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average is $15.83 and its two-hundred day moving average is $15.48.

First Horizon (NYSE:FHN) last issued its 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). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. Research analysts forecast that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.87%. First Horizon’s dividend payout ratio is currently 41.96%.

Wall Street Analyst Weigh In

FHN has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a research note on Wednesday, July 17th. Raymond James lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Wedbush downgraded First Horizon from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $17.00 in a report on Tuesday, September 24th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Finally, Robert W. Baird reissued a “neutral” rating and set a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and an average price target of $17.38.

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.