L. Roy Papp & Associates LLP Sells 21,572 Shares of First Horizon Co. (NYSE:FHN)

L. Roy Papp & Associates LLP decreased its stake in First Horizon Co. (NYSE:FHN - Free Report) by 48.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,341 shares of the financial services provider's stock after selling 21,572 shares during the period. L. Roy Papp & Associates LLP's holdings in First Horizon were worth $453,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Millennium Management LLC raised 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 acquiring an additional 10,763,349 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider's stock valued at $747,822,000 after purchasing an additional 7,715,191 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of First Horizon by 496.3% during the fourth 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 purchasing an additional 6,827,040 shares in the last quarter. Norges Bank bought a new stake in shares of First Horizon during the fourth quarter valued at about $132,418,000. Finally, Raymond James Financial Inc. bought a new stake in shares of First Horizon during the fourth quarter valued at about $102,467,000. Institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FHN shares. Barclays cut their price objective on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Raymond James dropped their price target on shares of First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Truist Financial initiated coverage on First Horizon in a research note on Tuesday, May 13th. They issued a "hold" rating and a $21.00 price target on the stock. Jefferies Financial Group initiated coverage on First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. Finally, Wells Fargo & Company dropped their price target on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.41.

First Horizon Stock Up 2.3%

NYSE:FHN traded up $0.47 on Friday, hitting $20.43. 5,277,405 shares of the company's stock traded hands, compared to its average volume of 6,129,464. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 1 year low of $14.09 and a 1 year high of $22.44. The firm has a 50-day moving average price of $18.64 and a 200-day moving average price of $19.88. The company has a market cap of $10.36 billion, a PE ratio of 15.02, a price-to-earnings-growth ratio of 1.19 and a beta of 0.61.

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, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $823.69 million for 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 quarter in the previous year, the business posted $0.35 EPS. Equities analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.94%. 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.