First Horizon Co. (NYSE:FHN) Short Interest Update

First Horizon Co. (NYSE:FHN) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 10,060,000 shares, an increase of 13.4% from the March 31st total of 8,870,000 shares. Currently, 1.8% of the shares of the company are short sold. Based on an average trading volume of 6,570,000 shares, the short-interest ratio is currently 1.5 days.

Institutional Investors Weigh In On First Horizon

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in First Horizon by 224.4% in the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after purchasing an additional 19,728,357 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of First Horizon by 6,217.8% in the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after buying an additional 7,682,480 shares during the last quarter. Norges Bank bought a new position in shares of First Horizon in the fourth quarter valued at approximately $86,487,000. North Reef Capital Management LP increased its position in shares of First Horizon by 137.9% during the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after acquiring an additional 5,158,750 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in First Horizon by 807.7% during the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after acquiring an additional 4,882,709 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and increased their price target for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Raymond James upgraded First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $13.00 to $17.00 in a research note on Friday, January 5th. Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Finally, StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Five 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Stock Up 0.3 %

NYSE:FHN traded up $0.04 during trading hours on Monday, reaching $14.85. The company had a trading volume of 8,277,003 shares, compared to its average volume of 7,022,889. The business’s 50-day simple moving average is $14.66 and its two-hundred day simple moving average is $13.60. First Horizon has a twelve month low of $8.99 and a twelve month high of $17.82. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 10.38, a P/E/G ratio of 4.07 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The firm had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. On average, equities analysts expect that First Horizon will post 1.5 earnings per share for the current year.

First Horizon declared that its Board of Directors has initiated a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio is currently 41.96%.

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 Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.