First Horizon Co. (NYSE:FHN) Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in First Horizon Co. (NYSE:FHN) by 0.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,854,383 shares of the financial services provider’s stock after acquiring an additional 2,227 shares during the quarter. Retirement Systems of Alabama owned about 0.33% of First Horizon worth $26,258,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in First Horizon by 6,217.8% during the third quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after purchasing an additional 7,682,480 shares during the last quarter. North Reef Capital Management LP increased its holdings in First Horizon by 137.9% during the 3rd quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after acquiring an additional 5,158,750 shares in the last quarter. LSV Asset Management raised its position in First Horizon by 807.7% during the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after acquiring an additional 4,882,709 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of First Horizon by 1,068.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 3,129,336 shares of the financial services provider’s stock valued at $34,485,000 after purchasing an additional 2,861,474 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of First Horizon by 4.2% in the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after purchasing an additional 2,276,977 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE:FHN opened at $14.85 on Tuesday. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $17.82. The stock has a market cap of $8.24 billion, a P/E ratio of 10.38, a PEG ratio of 4.07 and a beta of 0.94. 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 firm has a 50-day moving average of $14.66 and a two-hundred day moving average of $13.60.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million during the quarter, compared to analyst estimates of $809.51 million. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. First Horizon’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. On average, research analysts expect that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon announced that its Board of Directors has authorized a share buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.04%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of analyst reports. Barclays started coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Wedbush reaffirmed an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research note on Wednesday, April 10th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and upped their price objective for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. Finally, Royal Bank of Canada upgraded First Horizon from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $16.00 to $18.00 in a report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon 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.