Keybank National Association OH lifted its stake in shares of First Horizon Co. (NYSE:FHN – Free Report) by 28.5% during the third quarter, HoldingsChannel reports. The firm owned 60,213 shares of the financial services provider’s stock after acquiring an additional 13,339 shares during the quarter. Keybank National Association OH’s holdings in First Horizon were worth $664,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Cetera Investment Advisers boosted its stake in First Horizon by 3.2% in the first quarter. Cetera Investment Advisers now owns 15,738 shares of the financial services provider’s stock valued at $370,000 after buying an additional 491 shares in the last quarter. Blair William & Co. IL boosted its stake in First Horizon by 2.1% in the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock valued at $666,000 after buying an additional 575 shares in the last quarter. Ausdal Financial Partners Inc. boosted its stake in First Horizon by 2.8% in the second quarter. Ausdal Financial Partners Inc. now owns 28,513 shares of the financial services provider’s stock valued at $321,000 after buying an additional 781 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of First Horizon by 0.6% during the second quarter. Thrivent Financial for Lutherans now owns 140,326 shares of the financial services provider’s stock valued at $3,068,000 after purchasing an additional 788 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its stake in shares of First Horizon by 7.0% during 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 in the last quarter. Institutional investors own 76.44% of the company’s stock.
First Horizon Trading Up 0.1 %
Shares of FHN stock opened at $13.83 on Wednesday. The company has a market cap of $7.73 billion, a P/E ratio of 9.04, a PEG ratio of 4.05 and a beta of 0.95. The stock has a 50 day simple moving average of $13.94 and a two-hundred day simple moving average of $12.59. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.95. First Horizon Co. has a fifty-two week low of $8.99 and a fifty-two week high of $24.90.
First Horizon announced that its Board of Directors has approved a share buyback plan on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
First Horizon Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.34%. First Horizon’s dividend payout ratio (DPR) is presently 39.22%.
Analyst Upgrades and Downgrades
FHN has been the topic of a number of recent research reports. Wedbush raised First Horizon from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $12.00 to $14.00 in a research note on Friday, November 3rd. JPMorgan Chase & Co. lifted their price target on First Horizon from $13.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, October 19th. Wells Fargo & Company lifted their price target on First Horizon from $11.50 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 6th. Citigroup began coverage on First Horizon in a research report on Friday, December 1st. They set a “buy” rating and a $14.00 price objective for the company. Finally, UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.35.
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 three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.
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