Levin Capital Strategies L.P. Sells 1,000 Shares of First Horizon Co. (NYSE:FHN)

Levin Capital Strategies L.P. lessened its holdings in First Horizon Co. (NYSE:FHN) by 9.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,000 shares of the financial services provider’s stock after selling 1,000 shares during the period. Levin Capital Strategies L.P.’s holdings in First Horizon were worth $142,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FHN. Los Angeles Capital Management LLC increased its position in First Horizon by 659.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 486,377 shares of the financial services provider’s stock worth $6,887,000 after buying an additional 422,342 shares in the last quarter. Natixis Advisors L.P. increased its holdings in First Horizon by 30.2% in the 4th quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock worth $3,948,000 after acquiring an additional 64,749 shares in the last quarter. Swiss National Bank bought a new stake in First Horizon during the 4th quarter worth approximately $15,592,000. Victory Capital Management Inc. boosted its position in shares of First Horizon by 388.5% in the fourth quarter. Victory Capital Management Inc. now owns 476,145 shares of the financial services provider’s stock worth $6,742,000 after purchasing an additional 378,667 shares during the period. Finally, Terril Brothers Inc. purchased a new stake in shares of First Horizon in the fourth quarter worth $322,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FHN shares. StockNews.com lowered First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday. Raymond James upgraded shares of First Horizon from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Wedbush reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $18.00 in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Trading Up 0.8 %

NYSE:FHN traded up $0.13 during mid-day trading on Friday, hitting $15.80. 11,332,060 shares of the stock traded hands, compared to its average volume of 7,192,753. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 52 week low of $8.99 and a 52 week high of $15.96. The stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 4.14 and a beta of 0.94. The firm’s 50 day moving average is $14.73 and its two-hundred day moving average is $13.65.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. On average, equities research analysts predict that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon declared that its board has approved a stock buyback program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.80%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

First Horizon 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.