Keybank National Association OH increased its position in shares of First Horizon Co. (NYSE:FHN – Free Report) by 28.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,213 shares of the financial services provider’s stock after purchasing an additional 13,339 shares during the period. Keybank National Association OH’s holdings in First Horizon were worth $664,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in the company. FWL Investment Management LLC acquired a new position in First Horizon in the 4th quarter valued at $39,000. Cubist Systematic Strategies LLC acquired a new position in First Horizon in the 3rd quarter valued at $39,000. Compass Wealth Management LLC acquired a new position in First Horizon in the 4th quarter valued at $49,000. Macroview Investment Management LLC acquired a new position in First Horizon in the 3rd quarter valued at $25,000. Finally, CENTRAL TRUST Co raised its holdings in First Horizon by 141.7% in the 3rd quarter. CENTRAL TRUST Co now owns 2,610 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 1,530 shares in the last quarter. 76.44% of the stock is owned by institutional investors and hedge funds.
First Horizon Price Performance
Shares of NYSE FHN opened at $13.83 on Wednesday. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $24.90. The stock has a fifty day simple moving average of $13.94 and a two-hundred day simple moving average of $12.59. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The firm has a market cap of $7.73 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 4.05 and a beta of 0.95.
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 Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date is Thursday, March 14th. First Horizon’s payout ratio is currently 39.22%.
Wall Street Analyst Weigh In
FHN has been the subject of a number of research analyst reports. Citigroup started coverage on First Horizon in a report on Friday, December 1st. They set a “buy” rating and a $14.00 price target for the company. JPMorgan Chase & Co. increased their price objective on First Horizon from $13.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, October 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $16.00 target price on shares of First Horizon in a report on Friday, January 19th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Monday, January 22nd. Finally, Wells Fargo & Company upped their target price on First Horizon from $11.50 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, December 6th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.35.
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 three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.
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