Daiwa Securities Group Inc. Sells 9,855 Shares of First Horizon Co. (NYSE:FHN)

Daiwa Securities Group Inc. reduced its stake in First Horizon Co. (NYSE:FHN) by 33.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,445 shares of the financial services provider’s stock after selling 9,855 shares during the quarter. Daiwa Securities Group Inc.’s holdings in First Horizon were worth $307,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Texas Permanent School Fund Corp boosted its position in shares of First Horizon by 20.6% in the second quarter. Texas Permanent School Fund Corp now owns 589,621 shares of the financial services provider’s stock worth $9,298,000 after purchasing an additional 100,592 shares during the period. United Services Automobile Association boosted its holdings in First Horizon by 7.6% in the 2nd quarter. United Services Automobile Association now owns 44,062 shares of the financial services provider’s stock worth $695,000 after buying an additional 3,126 shares during the period. Choreo LLC bought a new stake in First Horizon during the second quarter valued at about $791,000. Prudential PLC bought a new stake in First Horizon during the second quarter valued at about $7,627,000. Finally, Quest Partners LLC boosted its stake in shares of First Horizon by 472.0% in the second quarter. Quest Partners LLC now owns 68,940 shares of the financial services provider’s stock worth $1,087,000 after acquiring an additional 56,888 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

First Horizon stock opened at $15.78 on Wednesday. First Horizon Co. has a 1-year low of $10.08 and a 1-year high of $17.46. The company’s 50-day moving average is $15.98 and its 200 day moving average is $15.42. The firm has a market capitalization of $8.63 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $819.82 million. During the same period in the prior year, the business posted $0.39 earnings per share. Research analysts forecast that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio is presently 41.96%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FHN shares. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target on shares of First Horizon in a report on Tuesday, August 6th. Royal Bank of Canada raised their target price on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Barclays boosted their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Stephens initiated coverage on First Horizon in a research report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price objective for the company. Finally, Evercore ISI decreased their target price on First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $17.38.

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.