Jefferies Financial Group Inc. Reduces Stake in First Horizon Co. (NYSE:FHN)

Jefferies Financial Group Inc. decreased its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 52.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,028 shares of the financial services provider's stock after selling 120,711 shares during the quarter. Jefferies Financial Group Inc.'s holdings in First Horizon were worth $2,216,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FHN. Barclays PLC lifted its holdings in First Horizon by 169.1% in the third quarter. Barclays PLC now owns 1,886,828 shares of the financial services provider's stock valued at $29,301,000 after acquiring an additional 1,185,772 shares during the period. First Citizens Bank & Trust Co. acquired a new position in First Horizon in the fourth quarter valued at approximately $304,000. KBC Group NV lifted its holdings in First Horizon by 249.8% in the fourth quarter. KBC Group NV now owns 166,961 shares of the financial services provider's stock valued at $3,363,000 after acquiring an additional 119,237 shares during the period. Pacer Advisors Inc. lifted its holdings in First Horizon by 1.1% in the fourth quarter. Pacer Advisors Inc. now owns 79,022 shares of the financial services provider's stock valued at $1,592,000 after acquiring an additional 824 shares during the period. Finally, Perigon Wealth Management LLC lifted its holdings in First Horizon by 9.9% in the fourth quarter. Perigon Wealth Management LLC now owns 12,698 shares of the financial services provider's stock valued at $271,000 after acquiring an additional 1,149 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Price Performance

Shares of FHN traded down $0.27 during trading hours on Friday, hitting $19.84. 5,221,733 shares of the stock were exchanged, compared to its average volume of 6,163,216. 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 12-month low of $14.09 and a 12-month high of $22.44. The company has a market cap of $10.06 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The stock's 50-day moving average price is $18.57 and its two-hundred day moving average price is $19.89.

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, beating the consensus estimate 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 period in the prior year, the business earned $0.35 EPS. Research analysts expect that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon's payout ratio is currently 41.67%.

Analysts Set New Price Targets

A number of research firms have recently commented on FHN. Barclays cut their price objective on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. 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 research report on Wednesday, April 9th. Truist Financial began coverage on First Horizon in a research report on Tuesday, May 13th. They issued a "hold" rating and a $21.00 price objective for the company. Raymond James cut their price objective on First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Finally, Jefferies Financial Group began coverage on First Horizon in a research report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $22.41.

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.