Comerica Bank Sells 20,507 Shares of First Horizon Co. (NYSE:FHN)

Comerica Bank cut its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 8.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 224,791 shares of the financial services provider's stock after selling 20,507 shares during the period. Comerica Bank's holdings in First Horizon were worth $4,527,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FHN. Versant Capital Management Inc boosted its holdings in shares of First Horizon by 160.1% in the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock worth $29,000 after acquiring an additional 884 shares during the period. Jones Financial Companies Lllp purchased a new stake in First Horizon during the 4th quarter worth about $30,000. Kentucky Trust Co bought a new position in First Horizon in the 4th quarter worth about $32,000. Lee Danner & Bass Inc. purchased a new position in First Horizon during the 4th quarter valued at about $50,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in shares of First Horizon by 335.6% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,000 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FHN. Barclays reduced their price objective on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Stephens reiterated an "overweight" rating and issued a $24.00 price objective on shares of First Horizon in a research report on Friday, January 17th. Keefe, Bruyette & Woods reduced their target price 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. Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target on the stock in a report on Monday, April 7th. Finally, Wells Fargo & Company cut their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.03.

First Horizon Price Performance

Shares of First Horizon stock opened at $18.85 on Tuesday. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a fifty day moving average of $18.41 and a 200-day moving average of $19.68. First Horizon Co. has a 52-week low of $14.09 and a 52-week high of $22.44. 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 (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to analyst estimates of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the business posted $0.35 earnings per share. Equities research analysts expect that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a yield of 3.18%. First Horizon's payout ratio is 41.67%.

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.

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