Mendon Capital Advisors Corp Sells 36,415 Shares of First Horizon Corporation $FHN

Mendon Capital Advisors Corp decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 7.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 428,585 shares of the financial services provider’s stock after selling 36,415 shares during the period. First Horizon accounts for about 2.8% of Mendon Capital Advisors Corp’s portfolio, making the stock its 10th biggest position. Mendon Capital Advisors Corp owned 0.09% of First Horizon worth $9,755,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank acquired a new position in First Horizon in the fourth quarter valued at approximately $153,942,000. Artemis Investment Management LLP bought a new position in shares of First Horizon during the 4th quarter worth approximately $90,319,000. North Reef Capital Management LP grew its position in shares of First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after buying an additional 2,936,368 shares during the period. Cullen Capital Management LLC grew its position in shares of First Horizon by 3,401.0% during the 4th quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after buying an additional 1,972,461 shares during the period. Finally, HRT Financial LP bought a new stake in shares of First Horizon in the 4th quarter valued at $42,600,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $25.51 on Monday. The company has a market cap of $12.11 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.01 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a 50-day moving average of $24.94 and a 200-day moving average of $24.32. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period last year, the business posted $0.45 earnings per share. Equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon’s payout ratio is 32.54%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FHN shares. Keefe, Bruyette & Woods boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Raymond James Financial raised their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Wells Fargo & Company upped their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $27.16.

First Horizon 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.