Swiss National Bank Decreases Stock Position in First Horizon Corporation $FHN

Swiss National Bank cut its stake in shares of First Horizon Corporation (NYSE:FHN) by 2.6% in the 1st quarter, HoldingsChannel reports. The fund owned 974,600 shares of the financial services provider’s stock after selling 26,500 shares during the quarter. Swiss National Bank’s holdings in First Horizon were worth $22,182,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Invesco Ltd. boosted its position in First Horizon by 5.6% during the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock valued at $192,007,000 after buying an additional 426,951 shares during the period. Norges Bank purchased a new position in shares of First Horizon in the fourth quarter valued at about $153,942,000. William Blair Investment Management LLC raised its stake in shares of First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after acquiring an additional 116,191 shares during the last quarter. Morgan Stanley raised its stake in shares of First Horizon by 10.4% during the fourth quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock valued at $124,580,000 after acquiring an additional 491,464 shares during the last quarter. Finally, Freestone Grove Partners LP raised its stake in shares of First Horizon by 25.3% during the third quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock valued at $108,267,000 after acquiring an additional 967,219 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FHN. Barclays cut their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods increased their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Finally, National Bank Financial set a $29.00 price target on shares of First Horizon in a research report on Thursday, July 16th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, First Horizon presently has an average rating of “Hold” and an average target price of $27.16.

First Horizon Trading Down 0.9%

NYSE FHN opened at $25.48 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The firm has a market capitalization of $12.09 billion, a PE ratio of 12.19, a P/E/G ratio of 1.02 and a beta of 0.60. The stock’s 50 day moving average is $24.90 and its 200 day moving average is $24.32.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the company earned $0.45 earnings per share. Research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were given a $0.17 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon’s dividend payout ratio is currently 32.54%.

First Horizon 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.