First Horizon Co. (NYSE:FHN) Shares Sold by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC lowered its position in First Horizon Co. (NYSE:FHN) by 10.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 12,349 shares of the financial services provider’s stock after selling 1,500 shares during the period. Chickasaw Capital Management LLC’s holdings in First Horizon were worth $192,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of First Horizon by 1.1% in the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after buying an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in First Horizon by 13.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock worth $510,782,000 after purchasing an additional 3,870,946 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Millennium Management LLC grew its position in shares of First Horizon by 46.5% in the second quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after purchasing an additional 4,558,129 shares in the last quarter. Finally, LSV Asset Management increased its holdings in shares of First Horizon by 5.2% in the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock valued at $221,187,000 after purchasing an additional 692,100 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FHN. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a report on Tuesday, August 6th. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Jefferies Financial Group boosted their target price on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Finally, Evercore ISI decreased their price objective on First Horizon from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Price Performance

Shares of NYSE FHN traded up $0.60 during midday trading on Friday, hitting $16.38. The company had a trading volume of 7,004,797 shares, compared to its average volume of 6,518,121. The business has a 50-day simple moving average of $15.65 and a two-hundred day simple moving average of $15.51. 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 firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.27 and a beta of 0.88. First Horizon Co. has a twelve month low of $10.16 and a twelve month high of $17.46.

First Horizon (NYSE:FHN) last released its 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 net margin of 14.03% and a return on equity of 8.84%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. Equities research analysts anticipate that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.66%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

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.