Royal Bank of Canada Sells 174,952 Shares of First Horizon Corporation $FHN

Royal Bank of Canada trimmed its position in shares of First Horizon Corporation (NYSE:FHN) by 16.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 898,354 shares of the financial services provider’s stock after selling 174,952 shares during the quarter. Royal Bank of Canada’s holdings in First Horizon were worth $20,447,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. North Reef Capital Management LP boosted its stake in First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of First Horizon by 5.6% during the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock valued at $192,007,000 after purchasing an additional 426,951 shares in the last quarter. Norges Bank bought a new position in shares of First Horizon during the fourth quarter valued at $153,942,000. William Blair Investment Management LLC boosted its position 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 buying an additional 116,191 shares during the last quarter. Finally, Morgan Stanley boosted its position 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 buying an additional 491,464 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Up 0.3%

Shares of FHN stock opened at $26.16 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a fifty day simple moving average of $25.21 and a two-hundred day simple moving average of $24.40. The firm has a market capitalization of $12.42 billion, a PE ratio of 12.52, a PEG ratio of 1.03 and a beta of 0.61. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $890.00 million for the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same quarter in the previous year, the firm earned $0.45 earnings per share. On average, analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. DA Davidson reiterated a “neutral” rating and issued a $26.00 price target on shares of First Horizon in a research note on Thursday, April 16th. Fundamental Research set a $28.50 target price on shares of First Horizon in a report on Wednesday, July 1st. Wells Fargo & Company lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Truist Financial lifted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, First Horizon currently has an average rating of “Hold” and a consensus target price of $27.16.

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.