Mackenzie Financial Corp Has $1.35 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

Mackenzie Financial Corp cut its holdings in First Horizon Co. (NYSE:FHN) by 80.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 95,442 shares of the financial services provider’s stock after selling 388,750 shares during the quarter. Mackenzie Financial Corp’s holdings in First Horizon were worth $1,351,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Macroview Investment Management LLC acquired a new position in First Horizon during the 3rd quarter worth approximately $25,000. Byrne Asset Management LLC acquired a new position in First Horizon during the 4th quarter worth approximately $40,000. UMB Bank n.a. boosted its position in First Horizon by 2,308.6% during the 3rd quarter. UMB Bank n.a. now owns 4,504 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 4,317 shares during the last quarter. Covestor Ltd boosted its position in First Horizon by 268.5% during the 3rd quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 3,668 shares during the last quarter. Finally, Spire Wealth Management boosted its position in First Horizon by 57.3% during the 3rd quarter. Spire Wealth Management now owns 5,244 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 1,910 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 0.3 %

FHN opened at $14.93 on Thursday. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $18.29. The stock’s fifty day simple moving average is $14.61 and its 200 day simple moving average is $13.48. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The stock has a market cap of $8.28 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 4.10 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The firm had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.46 EPS. As a group, research analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.02%. First Horizon’s payout ratio is 41.96%.

First Horizon declared that its board has authorized a stock repurchase program on Tuesday, January 23rd that permits the company to buyback $650.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FHN. JPMorgan Chase & Co. upped their price target on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $13.00 to $17.00 in a research note on Friday, January 5th. Wedbush reiterated an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a research note on Wednesday, April 10th. Wells Fargo & Company upped their price objective on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $18.00 in a research note on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

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.