First Horizon Co. (NYSE:FHN – Get Free Report) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 10,420,000 shares, a decline of 12.2% from the August 15th total of 11,870,000 shares. Currently, 1.9% of the company’s stock are short sold. Based on an average daily volume of 7,550,000 shares, the days-to-cover ratio is currently 1.4 days.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the stock. BOKF NA acquired a new stake in First Horizon in the first quarter valued at approximately $30,000. Lazard Asset Management LLC acquired a new position in shares of First Horizon during the second quarter valued at $31,000. Grey Fox Wealth Advisors LLC acquired a new position in First Horizon during the first quarter worth about $34,000. Harbor Capital Advisors Inc. purchased a new position in First Horizon in the 2nd quarter worth about $37,000. Finally, Spire Wealth Management boosted its position in First Horizon by 156.9% during the 2nd quarter. Spire Wealth Management now owns 3,334 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 2,036 shares during the period. 76.44% of the stock is currently owned by hedge funds and other institutional investors.
First Horizon Stock Down 1.5 %
FHN stock opened at $11.45 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.93. The firm’s fifty day simple moving average is $12.70 and its 200-day simple moving average is $13.79. The company has a market capitalization of $6.40 billion, a P/E ratio of 6.06, a price-to-earnings-growth ratio of 3.23 and a beta of 0.95. First Horizon has a 12 month low of $8.99 and a 12 month high of $24.92.
First Horizon Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.60 annualized dividend and a dividend yield of 5.24%. First Horizon’s payout ratio is currently 31.75%.
Analyst Ratings Changes
A number of equities research analysts have issued reports on the stock. Robert W. Baird initiated coverage on shares of First Horizon in a report on Tuesday, July 18th. They set a “neutral” rating and a $14.00 price target for the company. SpectralCast reiterated a “reinstates” rating on shares of First Horizon in a research note on Wednesday, June 28th. Jefferies Financial Group raised shares of First Horizon from a “hold” rating to a “buy” rating in a report on Wednesday, May 24th. StockNews.com began coverage on shares of First Horizon in a research report on Thursday, August 17th. They issued a “sell” rating for the company. Finally, Royal Bank of Canada boosted their target price on shares of First Horizon from $13.00 to $14.00 in a report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and an average target price of $15.42.
First Horizon Company Profile
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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