ProShare Advisors LLC Sells 1,470 Shares of First Horizon Co. (NYSE:FHN)

ProShare Advisors LLC lessened its position in First Horizon Co. (NYSE:FHN) by 5.4% during the second quarter, Holdings Channel reports. The fund owned 25,790 shares of the financial services provider’s stock after selling 1,470 shares during the period. ProShare Advisors LLC’s holdings in First Horizon were worth $407,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FHN. Vanguard Group Inc. lifted its position in First Horizon by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after buying an additional 627,730 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of First Horizon by 13.6% in 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 acquiring an additional 3,870,946 shares during the last quarter. Dimensional Fund Advisors LP boosted 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 purchasing an additional 3,470,346 shares in the last quarter. LSV Asset Management grew its holdings in shares of First Horizon by 5.2% during the 2nd quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after purchasing an additional 692,100 shares during the last quarter. Finally, Scout Investments Inc. raised its position in First Horizon by 22.5% in the 4th quarter. Scout Investments Inc. now owns 5,809,388 shares of the financial services provider’s stock worth $82,261,000 after purchasing an additional 1,067,006 shares during the period. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Raymond James lowered 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 research report on Thursday, July 18th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target on shares of First Horizon in a research note on Tuesday, August 6th. Royal Bank of Canada increased their price objective on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Jefferies Financial Group lifted their target price on shares of First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Evercore ISI dropped their price target on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a research report on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.38.

First Horizon Stock Down 3.9 %

Shares of NYSE:FHN opened at $14.92 on Wednesday. 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 52-week low of $10.08 and a 52-week high of $17.46. The firm has a market capitalization of $8.16 billion, a P/E ratio of 10.43, a P/E/G ratio of 3.17 and a beta of 0.88. The stock has a 50 day moving average price of $15.79 and a 200-day moving average price of $15.48.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. First Horizon had a net margin of 14.03% and a return on equity of 8.84%. During the same period in the prior year, the business posted $0.39 EPS. As a group, equities research analysts anticipate that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend was Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

First Horizon Company 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.