JPMorgan Chase & Co. Grows Position in First Horizon Co. (NYSE:FHN)

JPMorgan Chase & Co. increased its position in First Horizon Co. (NYSE:FHN) by 160.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,524,827 shares of the financial services provider’s stock after buying an additional 3,400,811 shares during the quarter. JPMorgan Chase & Co. owned 1.04% of First Horizon worth $111,270,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted 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 worth $29,000 after buying an additional 884 shares during the period. Jones Financial Companies Lllp purchased a new stake in First Horizon in the fourth quarter worth $30,000. Kentucky Trust Co bought a new stake in First Horizon in the fourth quarter valued at $32,000. Lee Danner & Bass Inc. purchased a new position in First Horizon during the 4th quarter valued at $50,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in First Horizon by 335.6% in 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 in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

NYSE FHN opened at $19.64 on Thursday. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44. The stock has a 50-day moving average of $20.53 and a 200 day moving average of $19.41. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 period last year, the firm earned $0.32 earnings per share. On average, sell-side analysts forecast that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.05%. First Horizon’s payout ratio is 44.12%.

Insider Transactions at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FHN shares. Raymond James reduced their price target on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Wednesday. Bank of America increased their target price on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their price target on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. boosted their target price on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Citigroup lifted their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $22.23.

First Horizon Company 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.