Canada Pension Plan Investment Board Sells 143,700 Shares of First Horizon Co. (NYSE:FHN)

Canada Pension Plan Investment Board reduced its position in First Horizon Co. (NYSE:FHN - Free Report) by 47.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 157,400 shares of the financial services provider's stock after selling 143,700 shares during the period. Canada Pension Plan Investment Board's holdings in First Horizon were worth $3,170,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FHN. Barclays PLC increased its position in First Horizon by 169.1% in the 3rd quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider's stock worth $29,301,000 after purchasing an additional 1,185,772 shares during the last quarter. Virtu Financial LLC boosted its stake in shares of First Horizon by 227.0% during the 3rd quarter. Virtu Financial LLC now owns 33,423 shares of the financial services provider's stock worth $519,000 after acquiring an additional 23,203 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in shares of First Horizon by 16.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 24,637 shares of the financial services provider's stock worth $383,000 after acquiring an additional 3,540 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of First Horizon during the 3rd quarter worth about $127,000. Finally, Tidal Investments LLC boosted its stake in shares of First Horizon by 5.9% during the 3rd quarter. Tidal Investments LLC now owns 66,623 shares of the financial services provider's stock worth $1,035,000 after acquiring an additional 3,722 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

FHN stock traded up $0.19 during trading on Monday, hitting $18.00. The company had a trading volume of 3,859,299 shares, compared to its average volume of 6,332,132. The company has a fifty day moving average price of $18.66 and a two-hundred day moving average price of $19.63. First Horizon Co. has a fifty-two week low of $14.09 and a fifty-two week high of $22.44. The company has a market cap of $9.25 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.19 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. During the same quarter in the previous year, the company earned $0.35 EPS. Equities research analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's payout ratio is 41.67%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Robert W. Baird upgraded First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target for the company in a research note on Monday, April 7th. Wells Fargo & Company decreased their target price on First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. increased their target price on First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods decreased their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Finally, Royal Bank of Canada decreased their target price on First Horizon from $24.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.03.

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.