Bank of New York Mellon Corp Decreases Holdings in First Horizon Corporation (NYSE:FHN)

Bank of New York Mellon Corp trimmed its position in First Horizon Corporation (NYSE:FHN - Free Report) by 0.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,826,532 shares of the financial services provider's stock after selling 304,630 shares during the quarter. Bank of New York Mellon Corp owned about 7.16% of First Horizon worth $715,171,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Belpointe Asset Management LLC lifted its holdings in First Horizon by 3.1% in the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock worth $355,000 after purchasing an additional 535 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of First Horizon by 3.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider's stock valued at $317,000 after purchasing an additional 571 shares in the last quarter. Farther Finance Advisors LLC raised its stake in First Horizon by 29.9% during the fourth quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 591 shares in the last quarter. Independent Advisor Alliance raised its position in First Horizon by 1.1% during the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider's stock valued at $1,163,000 after purchasing an additional 632 shares during the period. Finally, Thoroughbred Financial Services LLC grew its holdings in First Horizon by 4.8% during the 4th quarter. Thoroughbred Financial Services LLC now owns 14,621 shares of the financial services provider's stock valued at $294,000 after purchasing an additional 676 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Down 0.8%

First Horizon stock traded down $0.18 during midday trading on Monday, reaching $21.83. The company's stock had a trading volume of 5,870,096 shares, compared to its average volume of 6,024,590. First Horizon Corporation has a 52-week low of $14.34 and a 52-week high of $22.44. The stock has a market capitalization of $11.07 billion, a P/E ratio of 15.16, a PEG ratio of 1.13 and a beta of 0.61. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95. The stock's 50-day simple moving average is $19.90 and its 200-day simple moving average is $19.87.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. During the same quarter in the previous year, the firm earned $0.35 EPS. On average, sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Friday, June 13th. First Horizon's dividend payout ratio (DPR) is presently 41.67%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FHN shares. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a research report on Sunday, June 22nd. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays lowered their target price on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Raymond James Financial dropped their price target on First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Finally, Truist Financial initiated coverage on shares of First Horizon in a research report on Tuesday, May 13th. They set a "hold" rating and a $21.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.47.

First Horizon Company 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.