38,600 Shares in First Horizon Co. (NYSE:FHN) Acquired by Bailard Inc.

Bailard Inc. bought a new stake in shares of First Horizon Co. (NYSE:FHN) during the 4th quarter, Holdings Channel.com reports. The fund bought 38,600 shares of the financial services provider’s stock, valued at approximately $547,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in First Horizon by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after acquiring an additional 2,276,977 shares in the last quarter. North Reef Capital Management LP boosted its position 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. AQR Capital Management LLC boosted its position in First Horizon by 6,217.8% during the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after acquiring an additional 7,682,480 shares in the last quarter. LSV Asset Management boosted its position in First Horizon by 807.7% during the 3rd quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock valued at $60,469,000 after acquiring an additional 4,882,709 shares in the last quarter. Finally, Scout Investments Inc. boosted its position in First Horizon by 9.0% during the 3rd quarter. Scout Investments Inc. now owns 4,742,382 shares of the financial services provider’s stock valued at $50,459,000 after acquiring an additional 389,677 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FHN. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Evercore ISI raised their price objective on First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. raised their price objective on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Finally, UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $16.15.

First Horizon Stock Performance

Shares of FHN stock opened at $14.81 on Friday. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 10.36, a price-to-earnings-growth 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 business has a fifty day moving average of $14.64 and a 200 day moving average of $13.54. First Horizon Co. has a 1 year low of $8.99 and a 1 year high of $17.82.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company 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%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter last year, the business posted $0.46 EPS. As a group, research analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid 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 4.05%. First Horizon’s dividend payout ratio (DPR) is 41.96%.

First Horizon declared that its board has authorized a share buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.