Mendon Capital Advisors Corp Lowers Stock Holdings in First Horizon Corporation $FHN

Mendon Capital Advisors Corp cut its holdings in shares of First Horizon Corporation (NYSE:FHN) by 7.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 428,585 shares of the financial services provider’s stock after selling 36,415 shares during the quarter. First Horizon makes up approximately 2.8% of Mendon Capital Advisors Corp’s portfolio, making the stock its 10th largest holding. Mendon Capital Advisors Corp’s holdings in First Horizon were worth $9,755,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Kestra Investment Management LLC raised its position in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC raised its position in shares of First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in First Horizon during the fourth quarter worth about $51,000. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of First Horizon during the 1st quarter valued at about $77,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.1%

Shares of NYSE FHN opened at $25.51 on Monday. The stock has a market capitalization of $12.11 billion, a P/E ratio of 12.20, a PEG ratio of 1.01 and a beta of 0.60. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The firm’s 50 day simple moving average is $24.94 and its two-hundred day simple moving average is $24.32. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The firm had revenue of $890.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same period in the previous year, the business posted $0.45 EPS. As a group, analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a $0.17 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.7%. First Horizon’s payout ratio is currently 32.54%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Fundamental Research set a $28.50 price objective on shares of First Horizon in a report on Wednesday, July 1st. DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Evercore set a $27.00 target price on shares of First Horizon in a research report on Monday, July 6th. Finally, Barclays reduced their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.16.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.