Prudential PLC Trims Stake in First Horizon Co. (NYSE:FHN)

Prudential PLC trimmed its position in First Horizon Co. (NYSE:FHN) by 41.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,395 shares of the financial services provider’s stock after selling 57,177 shares during the quarter. Prudential PLC’s holdings in First Horizon were worth $1,639,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Townsquare Capital LLC bought a new position in First Horizon during the 3rd quarter worth about $231,000. Quantinno Capital Management LP boosted its stake in shares of First Horizon by 8.4% during the third quarter. Quantinno Capital Management LP now owns 27,760 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 2,145 shares in the last quarter. Quadrature Capital Ltd increased its holdings in First Horizon by 24.3% during the third quarter. Quadrature Capital Ltd now owns 45,193 shares of the financial services provider’s stock valued at $701,000 after buying an additional 8,834 shares during the period. Stifel Financial Corp raised its stake in First Horizon by 14.8% in the third quarter. Stifel Financial Corp now owns 85,461 shares of the financial services provider’s stock worth $1,327,000 after buying an additional 10,988 shares in the last quarter. Finally, State Street Corp lifted its holdings in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after buying an additional 4,116,486 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 6.1 %

Shares of First Horizon stock opened at $16.16 on Monday. The stock has a market cap of $8.31 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. The firm has a fifty day moving average price of $20.36 and a 200 day moving average price of $19.45. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the business earned $0.32 EPS. Equities research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 3.71%. First Horizon’s dividend payout ratio is presently 44.12%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FHN. Bank of America lifted their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. Barclays boosted their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Keefe, Bruyette & Woods raised their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. UBS Group began coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Raymond James lowered their target price on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

Insider Buying and Selling at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by corporate insiders.

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.