Silvercrest Asset Management Group LLC Sells 22,698 Shares of First Horizon Co. (NYSE:FHN)

Silvercrest Asset Management Group LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 40.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,116 shares of the financial services provider’s stock after selling 22,698 shares during the period. Silvercrest Asset Management Group LLC’s holdings in First Horizon were worth $525,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in First Horizon by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after purchasing an additional 627,730 shares during the period. Bank of New York Mellon Corp grew its position in shares of First Horizon by 224.4% during the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock valued at $439,186,000 after acquiring an additional 19,728,357 shares during the period. LSV Asset Management grew its position in shares of First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after acquiring an additional 4,434,929 shares during the period. Dimensional Fund Advisors LP grew its position in shares of First Horizon by 10.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock valued at $136,526,000 after acquiring an additional 883,503 shares during the period. Finally, Norges Bank bought a new stake in shares of First Horizon during the 4th quarter valued at $86,487,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.6 %

Shares of FHN stock opened at $16.73 on Thursday. The stock has a market cap of $9.15 billion, a P/E ratio of 11.70, a PEG ratio of 3.40 and a beta of 0.89. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company’s fifty day simple moving average is $15.66 and its two-hundred day simple moving average is $15.03.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. During the same quarter in the previous year, the firm earned $0.39 EPS. Analysts predict that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.59%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. boosted their price objective on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Barclays lifted their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Wedbush restated an “outperform” rating and set a $17.00 target price on shares of First Horizon in a research note on Wednesday, April 10th. Finally, StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.31.

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.