Xponance Inc. Reduces Stake in First Horizon Co. (NYSE:FHN)

Posted by on Sep 30th, 2023

Xponance Inc. reduced its position in First Horizon Co. (NYSE:FHN – Free Report) by 7.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,747 shares of the financial services provider’s stock after selling 5,579 shares during the period. Xponance Inc.’s holdings in First Horizon were worth $741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Investment Advisers boosted its stake in shares of First Horizon by 3.2% in the 1st quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock worth $370,000 after buying an additional 491 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of First Horizon by 3.1% in the 1st quarter. HB Wealth Management LLC now owns 18,210 shares of the financial services provider’s stock worth $324,000 after buying an additional 552 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of First Horizon by 2.1% in the 1st quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after buying an additional 575 shares during the last quarter. Nordea Investment Management AB lifted its position in First Horizon by 1.9% during the first quarter. Nordea Investment Management AB now owns 33,189 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 624 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in First Horizon by 0.6% during the second quarter. Thrivent Financial for Lutherans now owns 140,326 shares of the financial services provider’s stock valued at $3,068,000 after purchasing an additional 788 shares in the last quarter. 76.44% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of First Horizon stock opened at $11.02 on Friday. The stock’s 50-day simple moving average is $12.41 and its 200-day simple moving average is $13.23. First Horizon Co. has a 52 week low of $8.99 and a 52 week high of $24.92. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 5.83, a PEG ratio of 3.09 and a beta of 0.95. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN – Get Free Report) last issued its earnings results on Wednesday, July 19th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. First Horizon had a return on equity of 13.44% and a net margin of 24.64%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $820.19 million. During the same period in the previous year, the firm posted $0.34 earnings per share. As a group, analysts expect that First Horizon Co. will post 1.47 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, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.60 annualized dividend and a dividend yield of 5.44%. First Horizon’s dividend payout ratio (DPR) is 31.75%.

Analyst Ratings Changes

Several equities analysts recently weighed in on FHN shares. UBS Group started coverage on First Horizon in a research report on Thursday. They set a “neutral” rating and a $12.00 target price on the stock. Raymond James upgraded First Horizon from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a research report on Thursday, July 6th. SpectralCast reiterated a “reinstates” rating on shares of First Horizon in a research report on Wednesday, June 28th. Robert W. Baird started coverage on First Horizon in a research report on Tuesday, July 18th. They set a “neutral” rating and a $14.00 target price on the stock. Finally, Royal Bank of Canada lifted their target price on First Horizon from $13.00 to $14.00 in a research report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $14.93.

Check Out Our Latest Analysis on FHN

First Horizon Company Profile

(Free Report)

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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