Pictet Asset Management Holding SA Has $1.49 Million Position in First Horizon Co. (NYSE:FHN)

Pictet Asset Management Holding SA raised its position in First Horizon Co. (NYSE:FHN) by 3.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 73,982 shares of the financial services provider’s stock after buying an additional 2,268 shares during the period. Pictet Asset Management Holding SA’s holdings in First Horizon were worth $1,490,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FHN. Versant Capital Management Inc raised its holdings in First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of First Horizon during the fourth quarter valued at $30,000. Kentucky Trust Co bought a new stake in shares of First Horizon in the fourth quarter worth $32,000. Lee Danner & Bass Inc. acquired a new stake in First Horizon in the fourth quarter valued at $50,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,000 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FHN has been the subject of several recent research reports. Bank of America increased their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Monday, March 31st. UBS Group assumed coverage on shares of First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective on the stock. Royal Bank of Canada lifted their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Keefe, Bruyette & Woods upped their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.23.

First Horizon Stock Performance

NYSE FHN opened at $16.16 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $20.36 and a 200 day simple moving average of $19.42. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The company has a market cap of $8.31 billion, a P/E ratio of 11.88, a PEG ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Sell-side analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.71%. The ex-dividend date was Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

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.