Sequoia Financial Advisors LLC Purchases Shares of 16,470 First Horizon Co. (NYSE:FHN)

Sequoia Financial Advisors LLC purchased a new stake in First Horizon Co. (NYSE:FHN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,470 shares of the financial services provider’s stock, valued at approximately $233,000.

Several other hedge funds also recently added to or reduced their stakes in FHN. Macroview Investment Management LLC purchased a new position in First Horizon in the third quarter valued at approximately $25,000. Lazard Asset Management LLC acquired a new stake in shares of First Horizon in the second quarter valued at approximately $31,000. FWL Investment Management LLC acquired a new stake in shares of First Horizon in the fourth quarter valued at approximately $39,000. Cubist Systematic Strategies LLC acquired a new stake in shares of First Horizon in the third quarter valued at approximately $39,000. Finally, Compass Wealth Management LLC acquired a new stake in shares of First Horizon in the fourth quarter valued at approximately $49,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

First Horizon stock opened at $14.62 on Friday. First Horizon Co. has a one year low of $8.99 and a one year high of $18.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.94 and a current ratio of 0.96. The business has a fifty day moving average of $14.55 and a two-hundred day moving average of $13.37. The company has a market cap of $8.11 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 4.00 and a beta of 0.94.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same quarter last year, the company earned $0.46 earnings per share. First Horizon’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, analysts predict that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon announced that its board has approved a share repurchase plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend was Thursday, March 14th. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FHN. Evercore ISI increased their price objective on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday, March 28th. Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and increased their price objective for the company from $15.50 to $16.00 in a report on Wednesday, January 24th. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a report on Friday, April 5th. Finally, Wells Fargo & Company increased their price target on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.15.

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.