Teachers Retirement System of The State of Kentucky Boosts Holdings in First Horizon Co. (NYSE:FHN)

Teachers Retirement System of The State of Kentucky increased its stake in shares of First Horizon Co. (NYSE:FHNFree Report) by 94.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 182,829 shares of the financial services provider’s stock after acquiring an additional 88,789 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in First Horizon were worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers lifted its position in First Horizon by 3.2% during the first quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 491 shares in the last quarter. Blair William & Co. IL increased its position in shares of First Horizon by 2.1% during the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 575 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in First Horizon by 0.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 140,326 shares of the financial services provider’s stock worth $3,068,000 after purchasing an additional 788 shares in the last quarter. Wetherby Asset Management Inc. increased its holdings in shares of First Horizon by 7.0% in the first quarter. Wetherby Asset Management Inc. now owns 12,152 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 800 shares during the period. Finally, United Services Automobile Association increased its stake in shares of First Horizon by 2.5% in the second quarter. United Services Automobile Association now owns 34,254 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 836 shares during the period. 76.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FHN. Citigroup assumed coverage on First Horizon in a research report on Friday, December 1st. They issued a “buy” rating and a $14.00 target price on the stock. Wells Fargo & Company lifted their target price on First Horizon from $11.50 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 6th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and upped their price target for the stock from $15.50 to $16.00 in a research note on Wednesday, January 24th. StockNews.com downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. Finally, Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $13.00 to $17.00 in a report on Friday, January 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.68.

View Our Latest Report on First Horizon

First Horizon Price Performance

FHN opened at $14.68 on Monday. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $18.99. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $14.21 and its 200 day moving average price is $12.83. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 9.59, a price-to-earnings-growth ratio of 4.30 and a beta of 0.93.

First Horizon (NYSE:FHNGet Free Report) last posted its earnings results on Thursday, January 18th. The financial services provider reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $784.20 million. First Horizon had a net margin of 17.80% and a return on equity of 9.94%. During the same quarter in the prior year, the firm earned $0.51 EPS. As a group, sell-side analysts expect that First Horizon Co. will post 1.42 earnings per share for the current year.

First Horizon Announces Dividend

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 paid a $0.15 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.09%. First Horizon’s dividend payout ratio is currently 39.22%.

First Horizon announced that its board has initiated a share buyback plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.

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

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