SG Americas Securities LLC Decreases Stake in First Horizon Co. (NYSE:FHN)

SG Americas Securities LLC lessened its holdings in First Horizon Co. (NYSE:FHN) by 88.9% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,427 shares of the financial services provider’s stock after selling 259,204 shares during the period. SG Americas Securities LLC’s holdings in First Horizon were worth $504,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FHN. Sanctuary Advisors LLC purchased a new stake in shares of First Horizon during the 2nd quarter valued at $312,000. Cetera Investment Advisers boosted its stake in First Horizon by 79.7% in the second quarter. Cetera Investment Advisers now owns 105,574 shares of the financial services provider’s stock valued at $1,665,000 after acquiring an additional 46,812 shares during the last quarter. Truist Financial Corp grew its position in shares of First Horizon by 48.9% during the 2nd quarter. Truist Financial Corp now owns 65,402 shares of the financial services provider’s stock valued at $1,031,000 after acquiring an additional 21,475 shares during the period. NewEdge Advisors LLC raised its holdings in shares of First Horizon by 57.7% in the 2nd quarter. NewEdge Advisors LLC now owns 349,372 shares of the financial services provider’s stock worth $5,510,000 after purchasing an additional 127,893 shares during the period. Finally, Creative Planning lifted its stake in First Horizon by 11.1% in the second quarter. Creative Planning now owns 82,745 shares of the financial services provider’s stock valued at $1,305,000 after purchasing an additional 8,263 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

First Horizon stock opened at $16.71 on Wednesday. The stock has a market cap of $9.14 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.27 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $15.73 and a 200 day simple moving average of $15.53. First Horizon Co. has a 52 week low of $10.16 and a 52 week high of $17.46.

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

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date was Friday, September 13th. First Horizon’s payout ratio is 41.96%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FHN shares. Royal Bank of Canada raised their target price on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 price objective on shares of First Horizon in a report on Wednesday, July 17th. Evercore ISI reduced their target price on shares of First Horizon from $18.50 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, October 2nd. Finally, Barclays upped their price target on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.