Private Management Group Inc. Lowers Stock Position in First Horizon Co. (NYSE:FHN)

Private Management Group Inc. cut its position in shares of First Horizon Co. (NYSE:FHN) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,247,041 shares of the financial services provider’s stock after selling 12,080 shares during the period. Private Management Group Inc. owned 0.22% of First Horizon worth $17,658,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in First Horizon by 0.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 106,489 shares of the financial services provider’s stock valued at $1,508,000 after purchasing an additional 900 shares in the last quarter. Levin Capital Strategies L.P. lifted its holdings in First Horizon by 10.0% during the third quarter. Levin Capital Strategies L.P. now owns 11,000 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 1,000 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in First Horizon by 0.4% during the fourth quarter. Yousif Capital Management LLC now owns 265,607 shares of the financial services provider’s stock valued at $3,761,000 after purchasing an additional 1,068 shares in the last quarter. Red Door Wealth Management LLC lifted its holdings in First Horizon by 3.4% during the fourth quarter. Red Door Wealth Management LLC now owns 32,239 shares of the financial services provider’s stock valued at $456,000 after purchasing an additional 1,070 shares in the last quarter. Finally, State of Michigan Retirement System lifted its holdings in First Horizon by 0.8% during the third quarter. State of Michigan Retirement System now owns 133,556 shares of the financial services provider’s stock valued at $1,472,000 after purchasing an additional 1,100 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

FHN traded down $0.03 during trading hours on Tuesday, hitting $14.88. 4,995,410 shares of the stock were exchanged, compared to its average volume of 7,092,395. The stock has a 50-day simple moving average of $14.59 and a 200-day simple moving average of $13.47. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $18.52. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 4.03 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the business posted $0.46 earnings per share. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. Analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.03%. First Horizon’s payout ratio is 41.96%.

First Horizon announced that its board has initiated a share repurchase plan on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

FHN has been the topic of several recent analyst reports. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a report on Friday, April 5th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their price objective for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Finally, Wells Fargo & Company boosted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

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.