Los Angeles Capital Management LLC Raises Holdings in First Horizon Co. (NYSE:FHN)

Los Angeles Capital Management LLC raised its holdings in shares of First Horizon Co. (NYSE:FHN) by 659.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 486,377 shares of the financial services provider’s stock after buying an additional 422,342 shares during the period. Los Angeles Capital Management LLC owned about 0.09% of First Horizon worth $6,887,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FHN. Xponance Inc. increased its stake in First Horizon by 2.6% during the third quarter. Xponance Inc. now owns 67,427 shares of the financial services provider’s stock valued at $743,000 after purchasing an additional 1,680 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new position in First Horizon in the 3rd quarter valued at approximately $113,000. Independent Advisor Alliance acquired a new stake in First Horizon during the third quarter valued at $593,000. New York State Teachers Retirement System lifted its holdings in shares of First Horizon by 8.8% during the 3rd quarter. New York State Teachers Retirement System now owns 640,439 shares of the financial services provider’s stock valued at $7,058,000 after buying an additional 51,979 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in First Horizon by 27.9% in the third quarter. Mackenzie Financial Corp now owns 484,192 shares of the financial services provider’s stock worth $5,021,000 after acquiring an additional 105,620 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Up 0.8 %

Shares of FHN stock opened at $15.80 on Friday. The stock has a 50 day simple moving average of $14.76 and a 200 day simple moving average of $13.71. The stock has a market cap of $8.77 billion, a P/E ratio of 11.05, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 1 year low of $8.99 and a 1 year high of $15.96.

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

First Horizon declared that its Board of Directors has initiated a stock repurchase program on Tuesday, January 23rd that permits the company to repurchase $650.00 million in outstanding 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 usually an indication that the company’s board believes its shares are undervalued.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.15 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.80%. First Horizon’s payout ratio is currently 41.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FHN shares. Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. Wells Fargo & Company lifted their price objective on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Barclays initiated coverage on First Horizon in a report on Friday, March 8th. They set an “overweight” rating and a $18.00 price target for the company. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and increased their price target for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. boosted their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $16.15.

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.