Raymond James Financial Services Advisors Inc. Reduces Holdings in First Horizon Co. (NYSE:FHN)

Raymond James Financial Services Advisors Inc. lowered its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 28.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 320,005 shares of the financial services provider's stock after selling 128,497 shares during the period. Raymond James Financial Services Advisors Inc. owned about 0.06% of First Horizon worth $4,531,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in First Horizon by 4.2% in the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider's stock valued at $625,661,000 after acquiring an additional 2,276,977 shares in the last quarter. California Public Employees Retirement System lifted its stake in First Horizon by 16.0% during the third quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider's stock valued at $10,960,000 after buying an additional 137,525 shares in the last quarter. Qsemble Capital Management LP acquired a new position in shares of First Horizon in the 3rd quarter valued at about $1,189,000. Mercer Global Advisors Inc. ADV increased its holdings in shares of First Horizon by 2.0% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 312,183 shares of the financial services provider's stock valued at $3,440,000 after purchasing an additional 6,197 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of First Horizon by 721.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider's stock valued at $1,219,000 after purchasing an additional 97,144 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Royal Bank of Canada reiterated a "sector perform" rating and set a $16.00 price target on shares of First Horizon in a report on Friday, January 19th. StockNews.com cut First Horizon from a "hold" rating to a "sell" rating in a report on Wednesday, February 7th. Raymond James raised First Horizon from an "outperform" rating to a "strong-buy" rating and lifted their price target for the company from $13.00 to $17.00 in a report on Friday, January 5th. Barclays assumed coverage on First Horizon in a report on Friday, March 8th. They set an "overweight" rating and a $18.00 price objective for the company. Finally, Evercore ISI upped their price target on First Horizon from $17.00 to $17.50 and gave the company an "outperform" rating in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.46.

First Horizon Stock Performance

FHN stock traded up $0.09 during trading hours on Friday, hitting $14.82. 3,686,366 shares of the stock were exchanged, compared to its average volume of 6,025,434. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.22 billion, a P/E ratio of 9.69, a P/E/G ratio of 4.26 and a beta of 0.94. The company has a 50-day simple moving average of $14.47 and a two-hundred day simple moving average of $13.15. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $18.99.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. The firm had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $784.20 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. During the same quarter last year, the business earned $0.51 EPS. On average, analysts forecast that First Horizon Co. will post 1.42 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.05%. The ex-dividend date was Thursday, March 14th. First Horizon's dividend payout ratio (DPR) is currently 39.22%.

First Horizon announced that its board has authorized a stock repurchase plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

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.