Zurcher Kantonalbank Zurich Cantonalbank Acquires 6,597 Shares of First Horizon Co. (NYSE:FHN)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of First Horizon Co. (NYSE:FHN) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 120,193 shares of the financial services provider’s stock after buying an additional 6,597 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Horizon were worth $1,702,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its holdings in shares of First Horizon by 0.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 106,489 shares of the financial services provider’s stock worth $1,508,000 after acquiring an additional 900 shares during the last quarter. Levin Capital Strategies L.P. lifted its stake in shares of First Horizon by 10.0% during the 3rd quarter. Levin Capital Strategies L.P. now owns 11,000 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,000 shares during the last quarter. Red Door Wealth Management LLC boosted its holdings in shares of First Horizon by 3.4% during the 4th quarter. Red Door Wealth Management LLC now owns 32,239 shares of the financial services provider’s stock worth $456,000 after buying an additional 1,070 shares during the period. State of Michigan Retirement System grew its stake in First Horizon by 0.8% in the 3rd quarter. State of Michigan Retirement System now owns 133,556 shares of the financial services provider’s stock valued at $1,472,000 after buying an additional 1,100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in First Horizon by 0.8% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 156,703 shares of the financial services provider’s stock valued at $1,727,000 after acquiring an additional 1,300 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $14.93 on Thursday. The business has a fifty day simple moving average of $14.61 and a 200 day simple moving average of $13.48. The company has a market cap of $8.28 billion, a P/E ratio of 10.44, a P/E/G ratio of 4.10 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 Co. has a twelve month low of $8.99 and a twelve month high of $18.29.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.46 earnings per share. On average, sell-side analysts forecast that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon declared that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

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

Wall Street Analyst Weigh In

FHN has been the subject of a number of research analyst reports. Evercore ISI boosted their price objective on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. boosted their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research note on Thursday, April 4th. Robert W. Baird upped their price objective on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Finally, UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their target price for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

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.