Verition Fund Management LLC Has $57.48 Million Stake in First Horizon Co. (NYSE:FHN)

Verition Fund Management LLC lifted its holdings in shares of First Horizon Co. (NYSE:FHNFree Report) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,059,076 shares of the financial services provider’s stock after buying an additional 208,742 shares during the quarter. First Horizon comprises approximately 0.5% of Verition Fund Management LLC’s investment portfolio, making the stock its 21st biggest holding. Verition Fund Management LLC owned about 0.73% of First Horizon worth $57,477,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Byrne Asset Management LLC acquired a new stake in shares of First Horizon during the 4th quarter worth approximately $40,000. Headlands Technologies LLC acquired a new position in First Horizon during the fourth quarter valued at approximately $56,000. Fifth Third Bancorp grew its holdings in First Horizon by 59.7% during the fourth quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 1,797 shares during the period. GAMMA Investing LLC acquired a new position in First Horizon during the fourth quarter valued at approximately $71,000. Finally, Covestor Ltd grew its holdings in First Horizon by 268.5% during the third quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 3,668 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FHN. Stephens began coverage on shares of First Horizon in a report on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 price target for the company. StockNews.com cut shares of First Horizon from a “hold” rating to a “sell” rating in a report on Tuesday, May 21st. Keefe, Bruyette & Woods upgraded shares of First Horizon from a “market perform” rating to an “outperform” rating and upped their price target for the company from $16.00 to $18.00 in a report on Friday, April 5th. Robert W. Baird upped their price target on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, April 18th. Finally, Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $16.62.

Read Our Latest Report on First Horizon

First Horizon Stock Performance

NYSE FHN traded up $0.04 on Friday, hitting $15.24. 5,389,036 shares of the stock were exchanged, compared to its average volume of 4,719,459. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The business’s fifty day moving average is $15.25 and its 200 day moving average is $14.46. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $16.28. The company has a market capitalization of $8.33 billion, a PE ratio of 10.66, a P/E/G ratio of 2.06 and a beta of 0.91.

First Horizon (NYSE:FHNGet Free Report) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. During the same period in the prior year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. Research analysts anticipate that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

About First Horizon

(Free Report)

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.

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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