First Horizon Co. (NYSE:FHN) Holdings Cut by Man Group plc

Man Group plc cut its stake in First Horizon Co. (NYSE:FHN - Free Report) by 32.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 134,190 shares of the financial services provider's stock after selling 63,034 shares during the quarter. Man Group plc's holdings in First Horizon were worth $2,703,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Jones Financial Companies Lllp acquired a new stake in shares of First Horizon in the 4th quarter worth $30,000. Kentucky Trust Co acquired a new stake in First Horizon during the 4th quarter worth about $32,000. Lee Danner & Bass Inc. purchased a new position in shares of First Horizon during the 4th quarter valued at about $50,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,000 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of First Horizon by 29.9% during the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after buying an additional 591 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Up 1.9%

Shares of First Horizon stock traded up $0.38 during trading hours on Tuesday, hitting $20.15. 2,374,032 shares of the company's stock traded hands, compared to its average volume of 6,175,114. The stock has a 50 day simple moving average of $18.53 and a 200-day simple moving average of $19.89. 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 company has a market cap of $10.22 billion, a PE ratio of 14.81, a PEG ratio of 1.19 and a beta of 0.59. First Horizon Co. has a twelve month low of $14.09 and a twelve month high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.35 earnings per share. Equities research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 2.98%. First Horizon's dividend payout ratio is presently 41.67%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Robert W. Baird upgraded First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target for the company in a research note on Monday, April 7th. Royal Bank of Canada cut 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. Jefferies Financial Group initiated coverage on First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective for the company. 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 note on Tuesday, April 8th. Finally, Citigroup boosted their price objective on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, First Horizon presently has a consensus 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.