Scharf Investments LLC Sells 1,086 Shares of First Horizon Corporation (NYSE:FHN)

Scharf Investments LLC cut its position in First Horizon Corporation (NYSE:FHN) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,708 shares of the financial services provider’s stock after selling 1,086 shares during the period. Scharf Investments LLC’s holdings in First Horizon were worth $247,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised 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 acquiring an additional 3,400,811 shares during the last quarter. SG Americas Securities LLC raised its position in First Horizon by 286.9% in the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider’s stock valued at $1,230,000 after purchasing an additional 46,975 shares during the last quarter. LifeWealth Investments LLC acquired a new stake in shares of First Horizon in the first quarter valued at $256,000. GAMMA Investing LLC increased its stake in shares of First Horizon by 2,658.3% in the first quarter. GAMMA Investing LLC now owns 251,470 shares of the financial services provider’s stock valued at $4,884,000 after buying an additional 242,353 shares in the last quarter. Finally, CWA Asset Management Group LLC bought a new position in shares of First Horizon in the first quarter valued at about $2,401,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on FHN. Raymond James Financial lowered their price objective on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Baird R W upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $24.00 price objective (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Citigroup lifted their target price on First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Bank of America upped their price target on First Horizon from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.53.

First Horizon Stock Up 2.1%

Shares of FHN stock opened at $19.92 on Monday. First Horizon Corporation has a 12-month low of $14.34 and a 12-month high of $22.44. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.20. The firm has a fifty day moving average of $19.13 and a 200-day moving average of $19.79. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.02 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $823.69 million during the quarter, compared to analysts’ expectations of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same period in the prior year, the firm earned $0.35 earnings per share. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon’s dividend payout ratio (DPR) is currently 41.67%.

First Horizon Company 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.