Alliancebernstein L.P. Has $25.63 Million Position in First Horizon Co. (NYSE:FHN)

Alliancebernstein L.P. boosted its holdings in shares of First Horizon Co. (NYSE:FHN) by 18.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,272,804 shares of the financial services provider’s stock after acquiring an additional 196,321 shares during the period. Alliancebernstein L.P. owned 0.24% of First Horizon worth $25,634,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock worth $111,270,000 after purchasing an additional 3,400,811 shares during the period. First Citizens Bank & Trust Co. acquired a new position in shares of First Horizon during the 4th quarter worth about $304,000. Merit Financial Group LLC bought a new stake in shares of First Horizon in the 4th quarter valued at about $453,000. Smith Group Asset Management LLC acquired a new stake in shares of First Horizon in the 4th quarter valued at approximately $1,813,000. Finally, Johnson Investment Counsel Inc. boosted its stake in First Horizon by 2.8% during the 4th quarter. Johnson Investment Counsel Inc. now owns 2,661,592 shares of the financial services provider’s stock worth $53,604,000 after acquiring an additional 72,339 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

NYSE FHN opened at $16.16 on Monday. The firm’s 50 day moving average is $20.36 and its 200-day moving average is $19.45. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. 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 Co. has a 12-month low of $13.72 and a 12-month high of $22.44.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating 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 period last year, the company posted $0.32 EPS. Equities research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given 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 yield of 3.71%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Wall Street Analyst Weigh In

FHN has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped 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. Bank of America upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Barclays lifted their target price on First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Wells Fargo & Company boosted their target price on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Finally, Citigroup raised their price target on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $22.23.

Insider Buying and Selling at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the company’s stock in a transaction 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 directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

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.