First Horizon Co. (NYSE:FHN) Stake Decreased by North Reef Capital Management LP

North Reef Capital Management LP lowered its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 1.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,022,000 shares of the financial services provider's stock after selling 178,000 shares during the period. First Horizon comprises about 10.9% of North Reef Capital Management LP's portfolio, making the stock its 2nd biggest position. North Reef Capital Management LP owned about 2.27% of First Horizon worth $242,123,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its position in First Horizon by 160.1% during the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock worth $111,270,000 after acquiring an additional 3,400,811 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in shares of First Horizon in the 4th quarter valued at about $304,000. Merit Financial Group LLC bought a new stake in shares of First Horizon in the 4th quarter valued at about $453,000. Smith Group Asset Management LLC bought a new stake in shares of First Horizon in the 4th quarter valued at about $1,813,000. Finally, Atria Investments Inc bought a new stake in shares of First Horizon in the 4th quarter valued at about $442,000. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of FHN traded down $0.25 during midday trading on Wednesday, hitting $17.90. 1,318,670 shares of the company traded hands, compared to its average volume of 6,290,519. The stock has a 50-day moving average of $18.59 and a 200-day moving average of $19.62. First Horizon Co. has a one year low of $14.09 and a one year high of $22.44. The firm has a market cap of $9.20 billion, a P/E ratio of 13.16, a PEG ratio of 1.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly 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. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The firm had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. During the same period in the prior year, the business posted $0.35 earnings per share. As a group, sell-side analysts predict that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced 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. This represents a $0.60 dividend on an annualized basis and a yield of 3.35%. First Horizon's dividend payout ratio is currently 41.67%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FHN shares. Barclays dropped their price target on First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Bank of America raised their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Royal Bank of Canada reduced their price objective on shares of First Horizon from $24.00 to $22.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company reduced their price target on shares of 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. Finally, JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.03.

About First Horizon

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.