First Horizon Co. (NYSE:FHN) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its holdings in First Horizon Co. (NYSE:FHNFree Report) by 5,349.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 664,800 shares of the financial services provider’s stock after purchasing an additional 652,600 shares during the period. Canada Pension Plan Investment Board owned approximately 0.12% of First Horizon worth $7,326,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of FHN. HoldCo Asset Management LP acquired a new position in shares of First Horizon in the 2nd quarter valued at $62,869,000. Norges Bank acquired a new position in shares of First Horizon in the 4th quarter valued at $133,345,000. LSV Asset Management lifted its stake in shares of First Horizon by 807.7% in the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after purchasing an additional 4,882,709 shares during the last quarter. Scout Investments Inc. acquired a new position in shares of First Horizon in the 2nd quarter valued at $59,327,000. Finally, State Street Corp lifted its stake in shares of First Horizon by 15.7% in the 1st quarter. State Street Corp now owns 23,368,182 shares of the financial services provider’s stock valued at $418,736,000 after purchasing an additional 3,173,357 shares during the last quarter. Institutional investors and hedge funds own 76.44% of the company’s stock.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $13.00 to $17.00 in a research note on Friday, January 5th. JPMorgan Chase & Co. increased their target price on First Horizon from $13.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, October 19th. StockNews.com lowered First Horizon from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. Wells Fargo & Company increased their target price on First Horizon from $11.50 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 6th. Finally, UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and increased their target price for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.35.

View Our Latest Analysis on First Horizon

First Horizon Price Performance

Shares of NYSE FHN opened at $14.07 on Tuesday. The stock’s 50-day moving average is $14.00 and its two-hundred day moving average is $12.61. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.94. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $24.90. The company has a market cap of $7.86 billion, a price-to-earnings ratio of 9.19, a price-to-earnings-growth ratio of 3.97 and a beta of 0.95.

First Horizon (NYSE:FHNGet Free Report) last issued its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.01. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $784.20 million. During the same quarter in the prior year, the business earned $0.51 EPS. Analysts forecast that First Horizon Co. will post 1.42 EPS for the current fiscal year.

First Horizon declared that its board has approved a share repurchase plan 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 reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.27%. First Horizon’s payout ratio is currently 39.22%.

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

See Also

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

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