Alaska Permanent Fund Corp Has $2.79 Million Stock Holdings in First Horizon Co. (NYSE:FHN)

Alaska Permanent Fund Corp cut its holdings in shares of First Horizon Co. (NYSE:FHN) by 1.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 196,967 shares of the financial services provider’s stock after selling 2,133 shares during the period. Alaska Permanent Fund Corp’s holdings in First Horizon were worth $2,789,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Yousif Capital Management LLC lifted its position in shares of First Horizon by 0.4% in the 4th quarter. Yousif Capital Management LLC now owns 265,607 shares of the financial services provider’s stock worth $3,761,000 after purchasing an additional 1,068 shares during the period. South Dakota Investment Council lifted its position in shares of First Horizon by 4.0% in the 4th quarter. South Dakota Investment Council now owns 1,071,687 shares of the financial services provider’s stock worth $15,175,000 after purchasing an additional 41,501 shares during the period. GAMMA Investing LLC acquired a new position in shares of First Horizon in the 4th quarter worth approximately $71,000. Handelsbanken Fonder AB lifted its position in shares of First Horizon by 27.0% in the 4th quarter. Handelsbanken Fonder AB now owns 108,319 shares of the financial services provider’s stock worth $1,534,000 after purchasing an additional 23,000 shares during the period. Finally, CWM LLC lifted its position in shares of First Horizon by 51.9% in the 4th quarter. CWM LLC now owns 35,430 shares of the financial services provider’s stock worth $502,000 after purchasing an additional 12,109 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 0.3 %

FHN stock traded up $0.05 during midday trading on Wednesday, reaching $14.93. 3,531,116 shares of the company’s stock traded hands, compared to its average volume of 7,047,315. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 10.41, a P/E/G ratio of 4.10 and a beta of 0.94. The firm’s fifty day moving average price is $14.59 and its 200-day moving average price is $13.47. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 52 week low of $8.99 and a 52 week high of $18.29.

First Horizon (NYSE:FHN) last posted its 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 during the quarter, compared to analyst estimates of $809.51 million. During the same quarter in the prior year, the business posted $0.46 EPS. The business’s revenue was down 4.7% compared to the same quarter last year. As a group, sell-side analysts forecast that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon announced that its board has initiated a stock buyback program on Tuesday, January 23rd that permits the company to repurchase $650.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. First Horizon’s payout ratio is 41.96%.

Analyst Ratings Changes

FHN has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Evercore ISI boosted their target price on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. boosted their target price on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Finally, Robert W. Baird boosted their target price on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, First Horizon currently 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.