Pictet Asset Management Holding SA Has $1.49 Million Stock Position in First Horizon Co. (NYSE:FHN)

Pictet Asset Management Holding SA grew its holdings in First Horizon Co. (NYSE:FHN) by 3.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,982 shares of the financial services provider’s stock after purchasing an additional 2,268 shares during the period. Pictet Asset Management Holding SA’s holdings in First Horizon were worth $1,490,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in First Horizon by 26.2% in the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after buying an additional 7,715,191 shares during the last quarter. Norges Bank bought a new position in shares of First Horizon in the 4th quarter valued at about $132,418,000. Raymond James Financial Inc. acquired a new stake in shares of First Horizon in the fourth quarter valued at about $102,467,000. State Street Corp raised its holdings in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock worth $410,789,000 after acquiring an additional 4,116,486 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after purchasing an additional 3,400,811 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Insider Buying and Selling

In related 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 transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.87% of the stock is owned by company insiders.

First Horizon Trading Down 6.1 %

FHN stock opened at $16.16 on Friday. First Horizon Co. has a 52 week low of $13.72 and a 52 week high of $22.44. 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’s 50-day simple moving average is $20.36 and its 200 day simple moving average is $19.42. The company has a market capitalization of $8.31 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $0.32 EPS. As a group, sell-side analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.15 per share. The ex-dividend date was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.71%. First Horizon’s payout ratio is 44.12%.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of analyst reports. Stephens reiterated an “overweight” rating and set a $24.00 price objective on shares of First Horizon in a research note on Friday, January 17th. Citigroup upped their price target on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Bank of America boosted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods raised their target price on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Finally, Barclays lifted their price target on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. One 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. Based on data from MarketBeat, the stock currently 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.