Cary Street Partners Financial LLC Makes New $374,000 Investment in First Horizon Co. (NYSE:FHN)

Cary Street Partners Financial LLC purchased a new position in First Horizon Co. (NYSE:FHN - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 18,572 shares of the financial services provider's stock, valued at approximately $374,000.

A number of other institutional investors have also made changes to their positions in FHN. Bank of New York Mellon Corp grew its stake in First Horizon by 26.2% in the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider's stock valued at $747,822,000 after acquiring an additional 7,715,191 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of First Horizon by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider's stock valued at $400,173,000 after buying an additional 97,429 shares during the period. Norges Bank bought a new stake in shares of First Horizon during the fourth quarter worth $132,418,000. JPMorgan Chase & Co. raised its holdings in shares of First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock worth $111,270,000 after acquiring an additional 3,400,811 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in First Horizon in the 4th quarter valued at $102,467,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

FHN traded up $0.80 on Monday, reaching $20.08. The company had a trading volume of 5,420,663 shares, compared to its average volume of 6,152,761. The stock has a market cap of $10.19 billion, a P/E ratio of 14.77, a P/E/G ratio of 1.19 and a beta of 0.59. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a fifty-two week low of $14.09 and a fifty-two week high of $22.44. The company's fifty day moving average is $18.26 and its 200 day moving average is $19.75.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the company posted $0.35 earnings per share. As a group, analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon's dividend payout ratio is 41.67%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FHN shares. Barclays dropped their price target on First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Stephens reissued an "overweight" rating and issued a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Bank of America lifted their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. StockNews.com cut First Horizon from a "hold" rating to a "sell" rating in a report on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods reduced their price target on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.