First Horizon Corporation $FHN Shares Sold by Van Lanschot Kempen Investment Management N.V.

Van Lanschot Kempen Investment Management N.V. cut its position in First Horizon Corporation (NYSE:FHN) by 45.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 994,735 shares of the financial services provider’s stock after selling 819,177 shares during the period. Van Lanschot Kempen Investment Management N.V.’s holdings in First Horizon were worth $23,774,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Invesco Ltd. grew its stake in shares of First Horizon by 8.5% in the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock valued at $171,990,000 after buying an additional 595,869 shares in the last quarter. Norges Bank acquired a new stake in shares of First Horizon in the fourth quarter valued at $153,942,000. William Blair Investment Management LLC grew its stake in shares of First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after buying an additional 116,191 shares in the last quarter. Freestone Grove Partners LP grew its stake in shares of First Horizon by 25.3% in the third quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock valued at $108,267,000 after buying an additional 967,219 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of First Horizon by 28.4% in the fourth quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock valued at $91,993,000 after buying an additional 852,109 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Citigroup lifted their price objective on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Barclays dropped their price objective on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Keefe, Bruyette & Woods boosted their target price on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and a consensus target price of $26.45.

First Horizon Trading Up 0.6%

FHN opened at $25.14 on Friday. First Horizon Corporation has a 12 month low of $19.03 and a 12 month high of $26.56. The stock has a market capitalization of $11.93 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.98 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $24.21 and a 200 day moving average price of $23.91.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping the consensus estimate of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. During the same period in the previous year, the firm posted $0.42 EPS. First Horizon’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts expect that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s payout ratio is 34.00%.

First Horizon Company Profile

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.