National Bank of Canada FI Buys 518,507 Shares of First Horizon Co. (NYSE:FHN)

National Bank of Canada FI grew its position in First Horizon Co. (NYSE:FHN) by 345.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 668,411 shares of the financial services provider’s stock after purchasing an additional 518,507 shares during the quarter. National Bank of Canada FI owned about 0.12% of First Horizon worth $9,659,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Axxcess Wealth Management LLC boosted its position in shares of First Horizon by 7.7% during the 4th quarter. Axxcess Wealth Management LLC now owns 263,549 shares of the financial services provider’s stock worth $3,732,000 after acquiring an additional 18,900 shares in the last quarter. LSV Asset Management boosted its holdings in shares of First Horizon by 62.2% in the 4th quarter. LSV Asset Management now owns 8,898,809 shares of the financial services provider’s stock valued at $126,007,000 after purchasing an additional 3,411,600 shares in the last quarter. Amalgamated Bank increased its stake in shares of First Horizon by 1.4% in the 4th quarter. Amalgamated Bank now owns 368,404 shares of the financial services provider’s stock valued at $5,217,000 after purchasing an additional 4,981 shares during the last quarter. Summit Global Investments acquired a new position in shares of First Horizon during the 4th quarter worth $384,000. Finally, Los Angeles Capital Management LLC lifted its position in shares of First Horizon by 659.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 486,377 shares of the financial services provider’s stock worth $6,887,000 after buying an additional 422,342 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

FHN stock opened at $15.86 on Friday. First Horizon Co. has a 1-year low of $9.48 and a 1-year high of $16.01. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $14.90 and a 200-day moving average price of $13.82. The firm has a market cap of $8.80 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The firm had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company’s revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.46 earnings per share. As a group, equities research analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.78%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analysts Set New Price Targets

Several research analysts have commented on FHN shares. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Wedbush restated an “outperform” rating and issued a $17.00 target price on shares of First Horizon in a research report on Wednesday, April 10th. Robert W. Baird upped their price target on shares of First Horizon from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, April 18th. Finally, Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Profile

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.