Financial Partners Group LLC Trims Holdings in First Horizon Co. (NYSE:FHN)

Financial Partners Group LLC reduced its holdings in shares of First Horizon Co. (NYSE:FHN) by 3.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 120,053 shares of the financial services provider’s stock after selling 3,755 shares during the period. Financial Partners Group LLC’s holdings in First Horizon were worth $1,893,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC acquired a new position in First Horizon in the 1st quarter valued at about $25,000. Fidelis Capital Partners LLC acquired a new stake in shares of First Horizon in the 1st quarter worth $28,000. Fortitude Family Office LLC boosted its holdings in shares of First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,102 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in First Horizon during the fourth quarter worth about $28,000. Finally, Richardson Financial Services Inc. acquired a new stake in First Horizon in the fourth quarter valued at about $35,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

FHN stock traded up $0.06 during trading on Monday, hitting $15.04. The stock had a trading volume of 5,374,587 shares, compared to its average volume of 6,839,241. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 3.23 and a beta of 0.89. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The company’s 50 day moving average price is $15.55 and its two-hundred day moving average price is $15.09. First Horizon Co. has a 1-year low of $10.08 and a 1-year high of $17.46.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same quarter last year, the firm earned $0.39 earnings per share. On average, sell-side analysts forecast that First Horizon Co. will post 1.46 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.99%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent analyst reports. Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a research report on Thursday, July 18th. Evercore ISI lowered their target price on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating on the stock in a research report on Tuesday, June 25th. Robert W. Baird reissued a “neutral” rating and set a $16.00 price target on shares of First Horizon in a research note on Tuesday, August 6th. Jefferies Financial Group raised their price objective on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Finally, Barclays boosted their target price on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $17.31.

First Horizon Company 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.