Seven Eight Capital LP Purchases 47,057 Shares of First Horizon Co. (NYSE:FHN)

Seven Eight Capital LP lifted its position in shares of First Horizon Co. (NYSE:FHN) by 30.6% during the second quarter, Holdings Channel.com reports. The firm owned 200,672 shares of the financial services provider’s stock after buying an additional 47,057 shares during the quarter. Seven Eight Capital LP’s holdings in First Horizon were worth $3,165,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hsbc Holdings PLC increased its holdings in First Horizon by 318.6% in the 2nd quarter. Hsbc Holdings PLC now owns 495,113 shares of the financial services provider’s stock valued at $7,752,000 after buying an additional 376,834 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in First Horizon by 11.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 73,396 shares of the financial services provider’s stock valued at $1,115,000 after acquiring an additional 7,436 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in First Horizon by 9.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 25,723 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 2,143 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First Horizon by 28.8% during the second quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock worth $244,647,000 after purchasing an additional 3,470,346 shares during the last quarter. Finally, Element Capital Management LLC bought a new position in First Horizon in the second quarter valued at about $6,126,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FHN shares. Royal Bank of Canada upped their target price on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Raymond James lowered shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. Stephens started coverage on shares of First Horizon in a research note on Thursday, May 23rd. They set an “overweight” rating and a $19.00 target price on the stock. Jefferies Financial Group boosted their price objective on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Finally, Evercore ISI lowered their target price on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating on the stock in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Stock Down 0.1 %

NYSE:FHN opened at $15.78 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $8.63 billion, a P/E ratio of 11.03, a P/E/G ratio of 3.09 and a beta of 0.88. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $17.46. The firm has a 50-day simple moving average of $15.98 and a two-hundred day simple moving average of $15.42.

First Horizon (NYSE:FHN) last released 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 during the quarter, compared to the consensus estimate of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same quarter in the previous year, the business posted $0.39 earnings per share. Analysts predict that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

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.