Swiss National Bank Lowers Stock Holdings in First Horizon Corporation $FHN

Swiss National Bank reduced its position in First Horizon Corporation (NYSE:FHN) by 2.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 974,600 shares of the financial services provider’s stock after selling 26,500 shares during the quarter. Swiss National Bank owned about 0.20% of First Horizon worth $22,182,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kestra Investment Management LLC lifted its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew its position in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of First Horizon in the fourth quarter worth $51,000. Finally, Cedar Mountain Advisors LLC bought a new position in shares of First Horizon in the first quarter worth $77,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FHN shares. DA Davidson reissued a “neutral” rating and set a $26.00 price objective on shares of First Horizon in a research note on Thursday, April 16th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Wells Fargo & Company raised their price target on First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. National Bank Financial set a $29.00 price target on First Horizon in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. dropped their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.16.

First Horizon Stock Performance

NYSE FHN opened at $25.48 on Friday. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The company has a fifty day moving average of $24.90 and a 200-day moving average of $24.32. The company has a market capitalization of $12.09 billion, a P/E ratio of 12.19, a P/E/G ratio of 1.02 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, equities research analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

First Horizon Company 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.