South Dakota Investment Council Decreases Holdings in First Horizon Corporation (NYSE:FHN)

South Dakota Investment Council lowered its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 33.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 502,950 shares of the financial services provider's stock after selling 254,916 shares during the quarter. South Dakota Investment Council owned about 0.10% of First Horizon worth $9,767,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Byrne Asset Management LLC lifted its stake in First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares during the last quarter. Lee Danner & Bass Inc. purchased a new stake in shares of First Horizon during the 4th quarter worth about $50,000. Farther Finance Advisors LLC raised its stake in shares of 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 valued at $52,000 after acquiring an additional 591 shares in the last quarter. Golden State Wealth Management LLC raised its stake in shares of First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after buying an additional 1,975 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 0.5%

Shares of NYSE FHN traded up $0.12 during trading hours on Friday, hitting $22.33. The company's stock had a trading volume of 9,141,986 shares, compared to its average volume of 5,960,217. The business has a 50-day simple moving average of $20.56 and a 200-day simple moving average of $19.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $11.33 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.10 and a beta of 0.61. First Horizon Corporation has a 12 month low of $14.34 and a 12 month high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The firm had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same period last year, the business earned $0.36 earnings per share. On average, analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Friday, June 13th. First Horizon's payout ratio is 38.71%.

Analysts Set New Price Targets

Several brokerages recently commented on FHN. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Bank of America upped their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday. Raymond James Financial reissued an "outperform" rating and set a $24.00 price target (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods lowered their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Finally, Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.28.

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.