Cary Street Partners Investment Advisory LLC Cuts Stock Position in First Horizon Co. (NYSE:FHN)

Cary Street Partners Investment Advisory LLC trimmed its holdings in shares of First Horizon Co. (NYSE:FHN) by 26.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,550 shares of the financial services provider’s stock after selling 4,985 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in First Horizon were worth $192,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FHN. Macroview Investment Management LLC purchased a new position in First Horizon in the third quarter valued at about $25,000. Byrne Asset Management LLC purchased a new stake in First Horizon in the fourth quarter worth $40,000. Covestor Ltd raised its stake in shares of First Horizon by 268.5% in the third quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock valued at $55,000 after buying an additional 3,668 shares during the period. Headlands Technologies LLC purchased a new position in shares of First Horizon during the 4th quarter valued at $56,000. Finally, Spire Wealth Management boosted its position in First Horizon by 57.3% during the third quarter. Spire Wealth Management now owns 5,244 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 1,910 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FHN shares. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and raised their target price for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Finally, Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $13.00 to $17.00 in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Price Performance

Shares of FHN opened at $15.06 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. The stock has a market cap of $8.35 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 4.10 and a beta of 0.94. The firm’s 50-day simple moving average is $14.68 and its two-hundred day simple moving average is $13.63. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $17.49.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $809.51 million. During the same quarter in the previous year, the firm earned $0.46 EPS. First Horizon’s quarterly revenue was down 4.7% compared to the same quarter last year. Analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon announced that its Board of Directors has approved a share repurchase program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.