Capital Investment Advisory Services LLC Reduces Holdings in First Horizon Co. (NYSE:FHN)

Capital Investment Advisory Services LLC decreased its position in First Horizon Co. (NYSE:FHN) by 16.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,507 shares of the financial services provider’s stock after selling 2,300 shares during the period. Capital Investment Advisory Services LLC’s holdings in First Horizon were worth $163,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FHN. AQR Capital Management LLC boosted its position in shares of First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after purchasing an additional 7,682,480 shares during the period. North Reef Capital Management LP boosted its position in shares of First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after purchasing an additional 5,158,750 shares during the period. LSV Asset Management boosted its position in shares of First Horizon by 807.7% during the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after purchasing an additional 4,882,709 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of First Horizon by 1,068.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,129,336 shares of the financial services provider’s stock worth $34,485,000 after purchasing an additional 2,861,474 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of First Horizon by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock worth $625,661,000 after purchasing an additional 2,276,977 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $14.93 on Thursday. First Horizon Co. has a twelve month low of $8.99 and a twelve month high of $18.29. The firm’s fifty day simple moving average is $14.61 and its 200-day simple moving average is $13.48. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 4.10 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. During the same period last year, the business earned $0.46 EPS. The company’s revenue was down 4.7% on a year-over-year basis. Equities analysts forecast that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.02%. First Horizon’s dividend payout ratio is currently 41.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FHN shares. Wedbush reaffirmed an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a research report on Wednesday, April 10th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.50 to $16.00 in a research report on Wednesday, January 24th. Raymond James raised shares of First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Robert W. Baird raised their price target on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. Finally, Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a research report on Friday, April 5th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

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.