Equitable Trust Co. Increases Position in First Horizon Co. (NYSE:FHN)

Equitable Trust Co. lifted its position in shares of First Horizon Co. (NYSE:FHN) by 6.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 20,483 shares of the financial services provider’s stock after purchasing an additional 1,262 shares during the period. Equitable Trust Co.’s holdings in First Horizon were worth $231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AGF Management Ltd. boosted its position in shares of First Horizon by 125.4% during the 2nd quarter. AGF Management Ltd. now owns 316,107 shares of the financial services provider’s stock worth $3,563,000 after acquiring an additional 175,858 shares in the last quarter. Highland Capital Management LLC acquired a new position in shares of First Horizon in the 2nd quarter valued at $126,000. Banque Cantonale Vaudoise purchased a new position in shares of First Horizon in the 2nd quarter valued at $467,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in First Horizon by 7.6% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 259,971 shares of the financial services provider’s stock worth $2,930,000 after acquiring an additional 18,280 shares in the last quarter. Finally, Andra AP fonden lifted its position in First Horizon by 23.6% in the second quarter. Andra AP fonden now owns 515,600 shares of the financial services provider’s stock valued at $5,811,000 after acquiring an additional 98,400 shares during the last quarter. Institutional investors and hedge funds own 76.44% of the company’s stock.

First Horizon Trading Up 7.5 %

Shares of FHN stock opened at $12.33 on Wednesday. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $24.92. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $11.06 and a 200-day simple moving average of $11.72. The stock has a market cap of $6.89 billion, a P/E ratio of 7.38, a P/E/G ratio of 3.34 and a beta of 0.97.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, October 18th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $801.16 million. First Horizon had a net margin of 20.40% and a return on equity of 11.74%. During the same quarter in the previous year, the business posted $0.44 earnings per share. On average, analysts forecast that First Horizon Co. will post 1.41 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date is Thursday, December 14th. First Horizon’s dividend payout ratio (DPR) is presently 35.93%.

Analysts Set New Price Targets

Several brokerages have issued reports on FHN. JPMorgan Chase & Co. raised their price objective on First Horizon from $13.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, October 19th. Wedbush raised First Horizon from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $12.00 to $14.00 in a research report on Friday, November 3rd. Wells Fargo & Company reissued an “equal weight” rating on shares of First Horizon in a report on Wednesday, October 4th. Robert W. Baird began coverage on shares of First Horizon in a report on Tuesday, July 18th. They issued a “neutral” rating and a $14.00 target price on the stock. Finally, Jefferies Financial Group reduced their price target on shares of First Horizon from $15.00 to $12.00 in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.78.

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 three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.