Bleakley Financial Group LLC Has $345,000 Position in First Horizon Co. (NYSE:FHN)

Bleakley Financial Group LLC lowered its stake in First Horizon Co. (NYSE:FHN) by 13.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,341 shares of the financial services provider’s stock after selling 3,797 shares during the period. Bleakley Financial Group LLC’s holdings in First Horizon were worth $345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of First Horizon by 4.2% in the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after purchasing an additional 2,276,977 shares in the last quarter. California Public Employees Retirement System grew its holdings in First Horizon by 16.0% during the 3rd quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock worth $10,960,000 after acquiring an additional 137,525 shares during the period. Qsemble Capital Management LP acquired a new stake in First Horizon during the 3rd quarter worth $1,189,000. Mercer Global Advisors Inc. ADV grew its holdings in First Horizon by 2.0% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 312,183 shares of the financial services provider’s stock worth $3,440,000 after acquiring an additional 6,197 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in First Horizon by 721.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider’s stock worth $1,219,000 after acquiring an additional 97,144 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Trading Down 1.8 %

FHN opened at $14.20 on Monday. The stock has a market capitalization of $7.88 billion, a P/E ratio of 9.28, a P/E/G ratio of 4.05 and a beta of 0.94. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $18.99. The firm’s fifty day simple moving average is $14.51 and its 200 day simple moving average is $13.29. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.32 EPS for the quarter, beating the consensus estimate of $0.31 by $0.01. The business had revenue of $1.27 billion for 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 period in the previous year, the firm posted $0.51 EPS. As a group, research analysts anticipate that First Horizon Co. will post 1.45 EPS for the current fiscal year.

First Horizon announced that its Board of Directors has approved a stock repurchase program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.60 annualized dividend and a yield of 4.23%. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.

Analysts Set New Price Targets

FHN has been the subject of a number of analyst reports. 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. Wedbush reaffirmed an “outperform” rating and set a $17.00 target price on shares of First Horizon in a report on Wednesday, April 10th. JPMorgan Chase & Co. boosted their price target on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Finally, StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

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