Jacobs Levy Equity Management Inc. Sells 201,951 Shares of First Horizon Co. (NYSE:FHN)

Jacobs Levy Equity Management Inc. decreased its stake in First Horizon Co. (NYSE:FHN - Free Report) by 80.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,571 shares of the financial services provider's stock after selling 201,951 shares during the period. Jacobs Levy Equity Management Inc.'s holdings in First Horizon were worth $978,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FHN. Bank of New York Mellon Corp boosted its stake in shares of First Horizon by 26.2% in the 4th 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 in the last quarter. Norges Bank purchased a new stake in shares of First Horizon in the 4th quarter valued at $132,418,000. Raymond James Financial Inc. purchased a new stake in shares of First Horizon in the 4th quarter valued at $102,467,000. Freestone Grove Partners LP purchased a new stake in shares of First Horizon in the 4th quarter valued at $75,485,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Horizon by 160.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock valued at $111,270,000 after purchasing an additional 3,400,811 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Up 1.6%

Shares of NYSE FHN traded up $0.32 on Thursday, reaching $19.75. 2,081,377 shares of the company's stock traded hands, compared to its average volume of 6,133,130. First Horizon Co. has a 12 month low of $14.09 and a 12 month high of $22.44. The business's 50 day simple moving average is $18.48 and its two-hundred day simple moving average is $19.85. The company has a market cap of $10.02 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14.

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. The company had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter last year, the firm earned $0.35 earnings per share. As a group, equities research analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date is Friday, June 13th. First Horizon's dividend payout ratio (DPR) is presently 41.67%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wall Street Zen raised shares of First Horizon from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Citigroup increased their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Raymond James dropped their price target on shares of First Horizon from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Barclays cut their target price 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. Finally, Truist Financial assumed coverage on shares of First Horizon in a research note on Tuesday, May 13th. They issued a "hold" rating and a $21.00 price target for the company. Seven equities 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 stock currently has an average rating of "Moderate Buy" and an average price target 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.