Van Lanschot Kempen Investment Management N.V. Decreases Stock Position in First Horizon Corporation $FHN

Van Lanschot Kempen Investment Management N.V. lessened its position in First Horizon Corporation (NYSE:FHN) by 45.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 994,735 shares of the financial services provider’s stock after selling 819,177 shares during the quarter. Van Lanschot Kempen Investment Management N.V. owned about 0.20% of First Horizon worth $23,774,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in First Horizon by 8.5% during the third quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after buying an additional 595,869 shares in the last quarter. Norges Bank purchased a new position in First Horizon during the fourth quarter worth approximately $153,942,000. William Blair Investment Management LLC lifted its position in First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after buying an additional 116,191 shares in the last quarter. Freestone Grove Partners LP lifted its position in First Horizon by 25.3% during the third quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after buying an additional 967,219 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in First Horizon by 28.4% during the fourth quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock worth $91,993,000 after buying an additional 852,109 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

NYSE:FHN opened at $25.14 on Friday. First Horizon Corporation has a 52 week low of $19.03 and a 52 week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.93 billion, a P/E ratio of 12.57, a P/E/G ratio of 0.98 and a beta of 0.60. The stock’s fifty day moving average is $24.21 and its two-hundred day moving average is $23.91.

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

First Horizon Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group downgraded First Horizon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $25.00 in a research report on Tuesday, April 7th. Zacks Research downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Wells Fargo & Company lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods lifted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, First Horizon presently has an average rating of “Hold” and a consensus price target of $26.45.

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.