HB Wealth Management LLC Acquires 2,433 Shares of First Horizon Co. (NYSE:FHN)

HB Wealth Management LLC increased its stake in shares of First Horizon Co. (NYSE:FHN) by 10.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,071 shares of the financial services provider’s stock after buying an additional 2,433 shares during the quarter. HB Wealth Management LLC’s holdings in First Horizon were worth $369,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC grew its holdings in shares of First Horizon by 6,217.8% in the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after purchasing an additional 7,682,480 shares during the last quarter. Norges Bank bought a new stake in First Horizon during the fourth quarter worth about $133,345,000. North Reef Capital Management LP increased its holdings in shares of First Horizon by 137.9% during the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after buying an additional 5,158,750 shares in the last quarter. LSV Asset Management raised its stake in shares of First Horizon by 807.7% in the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after acquiring an additional 4,882,709 shares during the last quarter. Finally, Scout Investments Inc. acquired a new position in shares of First Horizon in the 2nd quarter worth approximately $59,327,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $13.00 to $17.00 in a report on Friday, January 5th. Barclays started coverage on First Horizon in a report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price target for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $16.00 price objective on shares of First Horizon in a research report on Friday, January 19th. StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Finally, UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and lifted their target price for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of “Moderate Buy” and a consensus target price of $14.68.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $15.33 on Thursday. The firm’s 50 day simple moving average is $14.40 and its 200 day simple moving average is $12.98. 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 market capitalization of $8.51 billion, a price-to-earnings ratio of 10.02, a P/E/G ratio of 4.28 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.95 and a quick ratio of 0.94.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Thursday, March 14th. First Horizon’s dividend payout ratio is 39.22%.

First Horizon declared that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.