Keybank National Association OH Reduces Position in First Horizon Corporation (NYSE:FHN)

Keybank National Association OH lowered its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 23.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 67,532 shares of the financial services provider's stock after selling 21,199 shares during the quarter. Keybank National Association OH's holdings in First Horizon were worth $1,311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Belpointe Asset Management LLC grew its holdings in shares of First Horizon by 3.1% during the fourth quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock worth $355,000 after buying an additional 535 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings 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 worth $317,000 after buying an additional 571 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of 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 worth $52,000 after buying an additional 591 shares during the last quarter. Independent Advisor Alliance grew its holdings in shares of First Horizon by 1.1% during the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider's stock worth $1,163,000 after buying an additional 632 shares during the last quarter. Finally, Thoroughbred Financial Services LLC grew its holdings in shares of First Horizon by 4.8% during the fourth quarter. Thoroughbred Financial Services LLC now owns 14,621 shares of the financial services provider's stock worth $294,000 after buying an additional 676 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

FHN stock traded up $0.04 during midday trading on Wednesday, hitting $21.98. 3,918,761 shares of the stock were exchanged, compared to its average volume of 6,014,092. The stock's 50-day moving average price is $20.13 and its 200-day moving average price is $19.91. The stock has a market cap of $11.15 billion, a price-to-earnings ratio of 15.26, a PEG ratio of 1.13 and a beta of 0.61. First Horizon Corporation has a fifty-two week low of $14.34 and a fifty-two week high of $22.44. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.96.

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 the consensus estimate of $0.40 by $0.02. The firm 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 10.33% and a net margin of 16.13%. During the same period in the previous year, the firm posted $0.35 earnings per share. Research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.73%. The ex-dividend date was Friday, June 13th. First Horizon's payout ratio is 41.67%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. 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. Barclays raised their price target on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday. Jefferies Financial Group assumed coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target for the company. 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 report on Thursday, April 17th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 price target (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.78.

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.