First Horizon Co. (NYSE:FHN) Shares Sold by Azora Capital LP

Azora Capital LP lessened its stake in First Horizon Co. (NYSE:FHN) by 14.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,787,999 shares of the financial services provider’s stock after selling 791,157 shares during the quarter. First Horizon comprises approximately 4.3% of Azora Capital LP’s holdings, making the stock its 8th biggest holding. Azora Capital LP owned approximately 0.90% of First Horizon worth $96,430,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in shares of First Horizon by 26.2% in the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after acquiring an additional 7,715,191 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First Horizon by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider’s stock worth $400,173,000 after purchasing an additional 97,429 shares in the last quarter. Norges Bank purchased a new stake in shares of First Horizon in the fourth quarter worth about $132,418,000. JPMorgan Chase & Co. grew its stake in shares of First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after buying an additional 3,400,811 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of First Horizon during the 4th quarter valued at about $102,467,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

FHN opened at $18.89 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $18.45 and its 200 day moving average price is $19.65. First Horizon Co. has a fifty-two week low of $14.09 and a fifty-two week high of $22.44. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $823.69 million for the quarter, compared to analysts’ expectations of $825.11 million. 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 firm earned $0.35 EPS. As a group, sell-side analysts expect that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.15 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.18%. First Horizon’s dividend payout ratio (DPR) is presently 41.67%.

Wall Street Analysts Forecast Growth

FHN has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. Stephens reaffirmed an “overweight” rating and set a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Royal Bank of Canada cut their price objective on shares of First Horizon from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, April 17th. Bank of America raised their target price on First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. Finally, Citigroup boosted their price target on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.03.

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.