Swiss National Bank Invests $15.59 Million in First Horizon Co. (NYSE:FHN)

Swiss National Bank purchased a new stake in First Horizon Co. (NYSE:FHN) during the fourth quarter, Holdings Channel reports. The firm purchased 1,101,100 shares of the financial services provider’s stock, valued at approximately $15,592,000.

A number of other large investors have also recently bought and sold shares of FHN. Stratos Wealth Partners LTD. bought a new stake in shares of First Horizon in the 3rd quarter worth about $113,000. New York State Teachers Retirement System grew its stake in First Horizon by 8.8% during the third quarter. New York State Teachers Retirement System now owns 640,439 shares of the financial services provider’s stock worth $7,058,000 after buying an additional 51,979 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of First Horizon by 27.9% during the third quarter. Mackenzie Financial Corp now owns 484,192 shares of the financial services provider’s stock worth $5,021,000 after buying an additional 105,620 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of First Horizon by 721.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider’s stock worth $1,219,000 after buying an additional 97,144 shares in the last quarter. Finally, Advisor Partners II LLC raised its stake in shares of First Horizon by 120.6% in the third quarter. Advisor Partners II LLC now owns 38,344 shares of the financial services provider’s stock valued at $423,000 after acquiring an additional 20,966 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Up 0.1 %

Shares of First Horizon stock opened at $15.86 on Friday. The business has a 50-day moving average of $14.90 and a two-hundred day moving average of $13.82. First Horizon Co. has a 1 year low of $9.48 and a 1 year high of $16.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market capitalization of $8.80 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The company 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 quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, equities analysts predict that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon announced that its board has initiated a stock repurchase program 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 buy up to 7.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and lifted their price target for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $16.00 to $18.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Finally, Robert W. Baird upped their target price on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

About First Horizon

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.