First Horizon Co. (NYSE:FHN) Shares Sold by Linden Thomas Advisory Services LLC

Linden Thomas Advisory Services LLC lessened its holdings in shares of First Horizon Co. (NYSE:FHN) by 2.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 45,448 shares of the financial services provider’s stock after selling 977 shares during the quarter. Linden Thomas Advisory Services LLC’s holdings in First Horizon were worth $644,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of First Horizon by 4.2% during the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock worth $625,661,000 after acquiring an additional 2,276,977 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of First Horizon by 16.0% during the 3rd quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock valued at $10,960,000 after buying an additional 137,525 shares during the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of First Horizon in the fourth quarter worth about $1,019,000. Louisiana State Employees Retirement System purchased a new stake in First Horizon in the 4th quarter worth approximately $2,222,000. Finally, Qsemble Capital Management LP acquired a new position in shares of First Horizon during the third quarter valued at approximately $1,189,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Price Performance

FHN opened at $14.78 on Friday. The stock’s 50-day moving average price is $14.62 and its 200 day moving average price is $13.49. First Horizon Co. has a 12-month low of $8.99 and a 12-month high of $17.90. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 4.10 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

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

First Horizon declared that its board has initiated a stock buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.06%. First Horizon’s dividend payout ratio is currently 41.96%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FHN shares. Evercore ISI raised their price target on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Wells Fargo & Company upped their price target on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. Finally, UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and upped their price objective for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average 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.