First Trust Advisors LP Purchases 551,367 Shares of First Horizon Co. (NYSE:FHN)

First Trust Advisors LP grew its position in First Horizon Co. (NYSE:FHNFree Report) by 31.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,322,749 shares of the financial services provider’s stock after acquiring an additional 551,367 shares during the period. First Trust Advisors LP owned about 0.42% of First Horizon worth $32,890,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FHN. AQR Capital Management LLC grew its position in shares of First Horizon by 6,217.8% in the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after acquiring an additional 7,682,480 shares during the period. Norges Bank bought a new stake in shares of First Horizon during the 4th quarter worth about $86,487,000. North Reef Capital Management LP boosted its holdings in shares of First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after buying an additional 5,158,750 shares during the period. LSV Asset Management boosted its holdings in shares of First Horizon by 62.2% during the 4th quarter. LSV Asset Management now owns 8,898,809 shares of the financial services provider’s stock worth $126,007,000 after buying an additional 3,411,600 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of First Horizon by 1,068.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,129,336 shares of the financial services provider’s stock worth $34,485,000 after buying an additional 2,861,474 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FHN. Evercore ISI lifted their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $16.00 to $18.00 in a report on Friday, April 5th. Barclays began coverage on shares of First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price for the company. Robert W. Baird boosted their price objective on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Finally, Wedbush reissued an “outperform” rating and issued a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.62.

Check Out Our Latest Research Report on FHN

First Horizon Price Performance

Shares of NYSE:FHN opened at $15.24 on Monday. The firm has a 50 day moving average of $15.25 and a 200-day moving average of $14.48. The stock has a market capitalization of $8.33 billion, a PE ratio of 10.66, a PEG ratio of 2.06 and a beta of 0.91. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $16.28.

First Horizon (NYSE:FHNGet Free Report) last issued its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS 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 revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. On average, equities research analysts predict that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Friday, June 14th. First Horizon’s payout ratio is presently 41.96%.

First Horizon Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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