Maltese Capital Management LLC Lowers Stock Holdings in First Horizon Corporation $FHN

Maltese Capital Management LLC lessened its stake in shares of First Horizon Corporation (NYSE:FHN) by 58.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 192,500 shares of the financial services provider’s stock after selling 267,500 shares during the quarter. Maltese Capital Management LLC’s holdings in First Horizon were worth $4,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Invesco Ltd. raised its stake in shares of First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after purchasing an additional 595,869 shares during the last quarter. Norges Bank acquired a new stake in shares of First Horizon in the 4th quarter worth $153,942,000. William Blair Investment Management LLC lifted its stake in shares of First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after acquiring an additional 116,191 shares during the period. Morgan Stanley lifted its stake in shares of First Horizon by 10.4% in the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock worth $124,580,000 after acquiring an additional 491,464 shares during the period. Finally, Freestone Grove Partners LP lifted its stake in shares of First Horizon by 25.3% in the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after acquiring an additional 967,219 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN opened at $24.74 on Tuesday. The company has a 50-day simple moving average of $24.24 and a 200-day simple moving average of $23.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.74 billion, a PE ratio of 12.37, a P/E/G ratio of 0.98 and a beta of 0.60. First Horizon Corporation has a 52-week low of $19.10 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The business had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. Equities research analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is currently 34.00%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. DA Davidson restated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research note on Thursday, April 16th. Zacks Research cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Finally, Barclays reduced their target price on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and a consensus price target of $26.45.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.