Rafferty Asset Management LLC Trims Stock Position in First Horizon Co. (NYSE:FHN)

Rafferty Asset Management LLC reduced its holdings in shares of First Horizon Co. (NYSE:FHN - Free Report) by 23.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,083,630 shares of the financial services provider's stock after selling 328,377 shares during the period. Rafferty Asset Management LLC owned approximately 0.20% of First Horizon worth $21,824,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Point72 Europe London LLP grew its position in First Horizon by 1.7% during the 4th quarter. Point72 Europe London LLP now owns 455,757 shares of the financial services provider's stock worth $9,179,000 after purchasing an additional 7,427 shares during the last quarter. Polar Capital Holdings Plc purchased a new stake in shares of First Horizon in the fourth quarter valued at about $7,571,000. ProShare Advisors LLC boosted its holdings in shares of First Horizon by 6.2% in the fourth quarter. ProShare Advisors LLC now owns 24,803 shares of the financial services provider's stock valued at $500,000 after acquiring an additional 1,442 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of First Horizon by 39.4% in the fourth quarter. Quantinno Capital Management LP now owns 38,699 shares of the financial services provider's stock valued at $779,000 after acquiring an additional 10,939 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of First Horizon in the fourth quarter valued at about $1,417,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FHN. Keefe, Bruyette & Woods lowered their target price on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Baird R W raised shares of First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays lowered their target price on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. StockNews.com raised shares of First Horizon from a "sell" rating to a "hold" rating in a report on Monday, May 12th. Finally, Wells Fargo & Company lowered their target price on shares of First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $21.97.

First Horizon Price Performance

Shares of NYSE FHN remained flat at $20.33 on Monday. 3,109,256 shares of the company's stock traded hands, compared to its average volume of 6,136,501. First Horizon Co. has a 12 month low of $14.09 and a 12 month high of $22.44. The stock has a market cap of $10.31 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a 50-day simple moving average of $18.40 and a 200 day simple moving average of $19.83.

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 (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Sell-side analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon's dividend payout ratio (DPR) is presently 41.67%.

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.