Handelsbanken Fonder AB Acquires 23,000 Shares of First Horizon Co. (NYSE:FHN)

Handelsbanken Fonder AB increased its position in shares of First Horizon Co. (NYSE:FHN) by 27.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 108,319 shares of the financial services provider’s stock after buying an additional 23,000 shares during the quarter. Handelsbanken Fonder AB’s holdings in First Horizon were worth $1,534,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in 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 buying an additional 900 shares during the period. Levin Capital Strategies L.P. raised its stake in 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 period. Red Door Wealth Management LLC raised its stake in 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 raised its stake in shares of First Horizon by 0.8% in the third quarter. State of Michigan Retirement System now owns 133,556 shares of the financial services provider’s stock worth $1,472,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of First Horizon by 0.8% in the third quarter. Oregon Public Employees Retirement Fund now owns 156,703 shares of the financial services provider’s stock worth $1,727,000 after purchasing an additional 1,300 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Trading Up 0.1 %

Shares of FHN stock opened at $14.81 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $17.82. The company has a market capitalization of $8.22 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 4.06 and a beta of 0.94. The business’s fifty day moving average is $14.64 and its 200 day moving average is $13.54.

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

First Horizon announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that allows the company to repurchase $650.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.05%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FHN shares. Wells Fargo & Company increased their price objective on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. increased their price objective on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a report on Friday, April 5th. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $13.00 to $17.00 in a report on Friday, January 5th. Finally, Evercore ISI increased their price objective on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday, March 28th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.