The Manufacturers Life Insurance Company Sells 14,173 Shares of First Horizon Co. (NYSE:FHN)

The Manufacturers Life Insurance Company lessened its position in First Horizon Co. (NYSE:FHN - Free Report) by 1.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,219,624 shares of the financial services provider's stock after selling 14,173 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.23% of First Horizon worth $24,563,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of FHN. Bank of New York Mellon Corp boosted its stake in First Horizon by 26.2% during 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 during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Horizon by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider's stock valued at $400,173,000 after buying an additional 97,429 shares during the last quarter. Norges Bank bought a new stake in First Horizon during the fourth quarter worth $132,418,000. JPMorgan Chase & Co. raised its position in 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 buying an additional 3,400,811 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in First Horizon during the 4th quarter valued at $102,467,000. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Up 0.1 %

Shares of NYSE FHN traded up $0.02 during mid-day trading on Wednesday, hitting $18.60. 1,483,358 shares of the stock traded hands, compared to its average volume of 6,162,849. The company has a market cap of $9.56 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.19 and a beta of 0.59. The stock has a fifty day moving average price of $18.36 and a 200-day moving average price of $19.67. First Horizon Co. has a 52 week low of $14.09 and a 52 week high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. The business 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. Research analysts anticipate that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.23%. First Horizon's dividend payout ratio is currently 41.67%.

Analyst Upgrades and Downgrades

FHN has been the subject of several analyst reports. Wells Fargo & Company lowered their target price on shares of First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Barclays reduced their price objective on First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Raymond James lowered their price target on shares of First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. StockNews.com downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a report on Tuesday, April 29th. Finally, Citigroup upped their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, February 28th. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock 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.