Summit Global Investments Reduces Position in First Horizon Co. (NYSE:FHN)

Summit Global Investments lessened its position in shares of First Horizon Co. (NYSE:FHN) by 63.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,768 shares of the financial services provider’s stock after selling 53,047 shares during the quarter. Summit Global Investments’ holdings in First Horizon were worth $485,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of First Horizon by 224.4% in 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 buying an additional 19,728,357 shares during the period. Norges Bank acquired a new position in First Horizon during the fourth quarter worth $86,487,000. LSV Asset Management raised its holdings in First Horizon by 49.8% during the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after purchasing an additional 4,434,929 shares during the last quarter. Junto Capital Management LP acquired a new position in First Horizon during the fourth quarter worth $52,721,000. Finally, National Bank of Canada FI raised its holdings in First Horizon by 499.8% during the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after purchasing an additional 3,340,700 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

FHN remained flat at $15.81 during trading on Wednesday. The company’s stock had a trading volume of 1,523,207 shares, compared to its average volume of 6,689,762. The stock has a market cap of $8.65 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 3.23 and a beta of 0.89. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12-month low of $10.08 and a 12-month high of $17.46. The stock has a fifty day simple moving average of $15.60 and a 200 day simple moving average of $15.14.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates 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 company earned $0.39 earnings per share. On average, research analysts forecast 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 of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.80%. First Horizon’s payout ratio is currently 41.96%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective on shares of First Horizon in a report on Tuesday, August 6th. Evercore ISI dropped their price target on First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research report on Tuesday, June 25th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price target on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.