First Horizon Co. (NYSE:FHN) Position Trimmed by Brandywine Global Investment Management LLC

Brandywine Global Investment Management LLC trimmed its stake in First Horizon Co. (NYSE:FHN) by 6.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,351 shares of the financial services provider’s stock after selling 9,961 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in First Horizon were worth $2,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in First Horizon by 26.2% in the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after buying an additional 7,715,191 shares during the period. State Street Corp boosted its stake in shares of First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares during the period. Geode Capital Management LLC grew its holdings in shares of First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after acquiring an additional 61,397 shares in the last quarter. Norges Bank acquired a new position in shares of First Horizon in the fourth quarter worth $132,418,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock worth $111,270,000 after acquiring an additional 3,400,811 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FHN shares. Stephens reaffirmed an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Barclays increased their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada lifted their target price on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. increased their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Raymond James reduced their price objective on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

First Horizon Price Performance

Shares of NYSE:FHN opened at $19.64 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $20.53 and a 200 day moving average price of $19.41. The company has a market cap of $10.10 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the business earned $0.32 EPS. Research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Friday, March 14th. First Horizon’s dividend payout ratio is currently 44.12%.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.87% of the stock is owned by corporate insiders.

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.