Wolverine Asset Management LLC Sells 2,000 Shares of First Horizon Co. (NYSE:FHN)

Wolverine Asset Management LLC trimmed its position in shares of First Horizon Co. (NYSE:FHN) by 2.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 85,242 shares of the financial services provider’s stock after selling 2,000 shares during the period. Wolverine Asset Management LLC’s holdings in First Horizon were worth $1,207,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in First Horizon by 6,217.8% in the third quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after purchasing an additional 7,682,480 shares during the last quarter. North Reef Capital Management LP lifted its position in shares of First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after buying an additional 5,158,750 shares during the last quarter. LSV Asset Management lifted its position in shares of First Horizon by 807.7% during the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after buying an additional 4,882,709 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of First Horizon by 1,068.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,129,336 shares of the financial services provider’s stock valued at $34,485,000 after buying an additional 2,861,474 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of First Horizon by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after buying an additional 2,276,977 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of First Horizon stock opened at $14.78 on Friday. The firm has a market capitalization of $8.20 billion, a PE ratio of 10.34, a price-to-earnings-growth ratio of 4.10 and a beta of 0.94. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $17.90. The business’s 50-day moving average price is $14.62 and its 200-day moving average price is $13.49. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13.

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

First Horizon declared that its board has authorized a share buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.06%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Robert W. Baird increased their price objective on First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, April 18th. Wedbush reissued an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. Barclays began coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 price objective on the stock. Finally, Evercore ISI increased their price objective on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

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.