Bank of New York Mellon Corp Sells 304,630 Shares of First Horizon Corporation (NYSE:FHN)

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

Other large investors have also modified their holdings of the company. Millennium Management LLC increased its stake in First Horizon by 102.3% during the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in First Horizon by 496.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after buying an additional 6,827,040 shares during the period. Norges Bank bought a new position in shares of First Horizon during the 4th quarter valued at about $132,418,000. Raymond James Financial Inc. bought a new position in shares of First Horizon during the 4th quarter valued at about $102,467,000. Finally, Freestone Grove Partners LP bought a new position in shares of First Horizon during the 4th quarter valued at about $75,485,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Performance

NYSE:FHN traded up $0.03 during mid-day trading on Wednesday, hitting $21.97. 2,771,268 shares of the company's stock traded hands, compared to its average volume of 5,835,603. The firm has a 50 day moving average of $20.05 and a two-hundred day moving average of $19.89. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.20. First Horizon Corporation has a 12 month low of $14.34 and a 12 month high of $22.44. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 1.12 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results 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. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. The business had revenue of $823.69 million during the quarter, compared to analysts' expectations of $825.11 million. During the same period in the prior year, the firm posted $0.35 EPS. On average, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $0.15 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.73%. First Horizon's dividend payout ratio (DPR) is currently 41.67%.

Wall Street Analysts Forecast Growth

FHN has been the subject of several research reports. Baird R W upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Wells Fargo & Company reduced their price objective on shares of First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their price objective on shares of 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 upgraded shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective for the company in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.78.

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.