Prudential PLC Takes Position in First Horizon Co. (NYSE:FHN)

Prudential PLC bought a new stake in First Horizon Co. (NYSE:FHN – Get Rating) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 37,368 shares of the financial services provider’s stock, valued at approximately $916,000.

Several other institutional investors also recently modified their holdings of FHN. Mercer Global Advisors Inc. ADV grew its holdings in First Horizon by 1.8% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 298,974 shares of the financial services provider’s stock valued at $7,325,000 after purchasing an additional 5,429 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of First Horizon by 5.7% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 704,757 shares of the financial services provider’s stock worth $17,267,000 after acquiring an additional 37,953 shares in the last quarter. Cannon Global Investment Management LLC lifted its position in shares of First Horizon by 70.0% during the fourth quarter. Cannon Global Investment Management LLC now owns 42,500 shares of the financial services provider’s stock worth $1,041,000 after acquiring an additional 17,500 shares in the last quarter. Prospera Financial Services Inc lifted its position in shares of First Horizon by 35.7% during the fourth quarter. Prospera Financial Services Inc now owns 51,732 shares of the financial services provider’s stock worth $1,267,000 after acquiring an additional 13,612 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of First Horizon during the fourth quarter worth $2,540,000. 77.41% of the stock is owned by institutional investors.

First Horizon Stock Up 1.9 %

Shares of NYSE:FHN opened at $10.25 on Wednesday. The stock’s 50-day moving average price is $16.15 and its 200-day moving average price is $21.50. First Horizon Co. has a 12-month low of $8.99 and a 12-month high of $24.92. The stock has a market capitalization of $5.51 billion, a P/E ratio of 6.33, a price-to-earnings-growth ratio of 1.01 and a beta of 0.88. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.20.

First Horizon (NYSE:FHN – Get Rating) last announced its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The company had revenue of $863.00 million for the quarter, compared to the consensus estimate of $871.36 million. First Horizon had a net margin of 24.76% and a return on equity of 13.53%. The firm’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same period last year, the business posted $0.38 earnings per share. On average, equities analysts anticipate that First Horizon Co. will post 1.81 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 16th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.60 annualized dividend and a dividend yield of 5.85%. First Horizon’s payout ratio is presently 37.04%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and set a $25.00 target price on shares of First Horizon in a research report on Wednesday, April 19th. Wells Fargo & Company upgraded First Horizon from an “equal weight” rating to an “overweight” rating and set a $25.00 target price on the stock in a research report on Friday, March 24th. StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Bank of America initiated coverage on First Horizon in a research report on Tuesday. They issued a “buy” rating on the stock.

Insider Buying and Selling

In other First Horizon news, Director William H. Fenstermaker bought 2,950 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average cost of $9.56 per share, with a total value of $28,202.00. Following the completion of the purchase, the director now directly owns 246,312 shares of the company’s stock, valued at $2,354,742.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Colin V. Reed acquired 25,138 shares of the business’s stock in a transaction on Thursday, May 4th. The shares were acquired at an average cost of $9.96 per share, with a total value of $250,374.48. Following the transaction, the director now owns 187,027 shares in the company, valued at approximately $1,862,788.92. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Fenstermaker acquired 2,950 shares of the business’s stock in a transaction on Friday, May 12th. The shares were purchased at an average cost of $9.56 per share, for a total transaction of $28,202.00. Following the completion of the transaction, the director now owns 246,312 shares in the company, valued at approximately $2,354,742.72. The disclosure for this purchase can be found here. Insiders have acquired 30,036 shares of company stock valued at $298,485 over the last ninety days. 1.55% of the stock is owned by insiders.

About First Horizon

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.