Mackenzie Financial Corp Lowers Holdings in First Horizon Co. (NYSE:FHN)

Mackenzie Financial Corp decreased its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 94.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,983 shares of the financial services provider's stock after selling 452,455 shares during the quarter. Mackenzie Financial Corp's holdings in First Horizon were worth $543,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FHN. Jones Financial Companies Lllp bought a new position in First Horizon in the fourth quarter valued at about $30,000. Kentucky Trust Co purchased a new position in shares of First Horizon during the 4th quarter worth $32,000. Lee Danner & Bass Inc. bought a new stake in shares of First Horizon during the 4th quarter valued at $50,000. Farther Finance Advisors LLC raised its holdings in First Horizon by 29.9% in the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock worth $52,000 after purchasing an additional 591 shares during the period. Finally, BankPlus Trust Department purchased a new position in First Horizon during the fourth quarter valued at $70,000. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

Shares of FHN traded down $0.16 during trading hours on Wednesday, reaching $19.92. 4,562,260 shares of the company traded hands, compared to its average volume of 6,157,822. First Horizon Co. has a 12-month low of $14.09 and a 12-month high of $22.44. The business has a fifty day moving average price of $18.59 and a 200-day moving average price of $19.88. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.10 billion, a P/E ratio of 14.65, a P/E/G ratio of 1.19 and a beta of 0.59.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The company had revenue of $823.69 million for the quarter, compared to analyst estimates of $825.11 million. During the same period last year, the company earned $0.35 earnings per share. Equities analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.01%. First Horizon's dividend payout ratio is currently 41.67%.

Analyst Ratings Changes

A number of research firms have recently weighed in on FHN. Royal Bank of Canada dropped their price objective on First Horizon from $24.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective for the company in a report on Monday, April 7th. Wells Fargo & Company cut their price target on First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Citigroup boosted their price target on shares of First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Truist Financial initiated coverage on shares of First Horizon in a research note on Tuesday, May 13th. They set a "hold" rating and a $21.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $22.41.

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.