ProShare Advisors LLC Decreases Holdings in First Horizon Corporation $FHN

ProShare Advisors LLC decreased its position in shares of First Horizon Corporation (NYSE:FHN) by 54.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,746 shares of the financial services provider’s stock after selling 23,446 shares during the period. ProShare Advisors LLC’s holdings in First Horizon were worth $472,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. 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 valued at $171,990,000 after acquiring an additional 595,869 shares during the last quarter. William Blair Investment Management LLC lifted its position in First Horizon by 38.7% during the third quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock valued at $118,020,000 after acquiring an additional 1,456,820 shares during 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 valued at $108,267,000 after acquiring an additional 967,219 shares during the last quarter. 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 valued at $91,993,000 after acquiring an additional 852,109 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its position in First Horizon by 0.3% during the third quarter. Raymond James Financial Inc. now owns 3,837,799 shares of the financial services provider’s stock valued at $86,773,000 after acquiring an additional 10,302 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Up 0.1%

NYSE:FHN opened at $24.24 on Friday. First Horizon Corporation has a 12 month low of $19.03 and a 12 month high of $26.56. The firm has a fifty day simple moving average of $23.76 and a 200-day simple moving average of $23.70. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.50 billion, a P/E ratio of 12.12, a PEG ratio of 0.95 and a beta of 0.62.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The firm had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. During the same quarter last year, the company posted $0.42 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts anticipate that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is 34.00%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FHN shares. Wells Fargo & Company raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Citigroup lifted their price objective on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus 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.