Red Door Wealth Management LLC Sells 9,074 Shares of First Horizon Co. (NYSE:FHN)

Red Door Wealth Management LLC decreased its position in shares of First Horizon Co. (NYSE:FHN) by 28.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,165 shares of the financial services provider’s stock after selling 9,074 shares during the period. Red Door Wealth Management LLC’s holdings in First Horizon were worth $357,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stifel Financial Corp grew its holdings in First Horizon by 31.8% during the 3rd quarter. Stifel Financial Corp now owns 158,721 shares of the financial services provider’s stock valued at $1,749,000 after buying an additional 38,290 shares in the last quarter. Natixis Advisors L.P. grew its holdings in First Horizon by 9.7% during the 3rd quarter. Natixis Advisors L.P. now owns 214,081 shares of the financial services provider’s stock valued at $2,359,000 after buying an additional 19,011 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in First Horizon by 4.6% during the 3rd quarter. Treasurer of the State of North Carolina now owns 244,141 shares of the financial services provider’s stock valued at $2,690,000 after buying an additional 10,650 shares in the last quarter. Synovus Financial Corp purchased a new stake in First Horizon during the 3rd quarter valued at approximately $136,000. Finally, Caxton Associates LP purchased a new stake in First Horizon during the 3rd quarter valued at approximately $120,000. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the subject of a number of recent research reports. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. Wedbush reissued an “outperform” rating and issued a $17.00 target price on shares of First Horizon in a report on Wednesday, April 10th. Stephens initiated coverage on shares of First Horizon in a report on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 target price for the company. Evercore ISI cut their target price on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.69.

First Horizon Price Performance

Shares of FHN stock opened at $15.77 on Monday. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $16.28. The firm has a market capitalization of $8.62 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 2.12 and a beta of 0.91. 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’s 50-day simple moving average is $15.32 and its 200-day simple moving average is $14.68.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The company’s revenue was down 4.7% on a year-over-year basis. As a group, equities analysts forecast that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.80%. First Horizon’s dividend payout ratio is currently 41.96%.

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.