Cullen Capital Management LLC Increases Position in First Horizon Co. (NYSE:FHN)

Cullen Capital Management LLC grew its holdings in First Horizon Co. (NYSE:FHN) by 6.0% during the fourth quarter, HoldingsChannel reports. The firm owned 84,295 shares of the financial services provider’s stock after acquiring an additional 4,805 shares during the period. Cullen Capital Management LLC’s holdings in First Horizon were worth $1,698,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock worth $747,822,000 after buying an additional 7,715,191 shares in the last quarter. State Street Corp grew its holdings in shares of First Horizon by 18.6% in the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after purchasing an additional 4,116,486 shares during the period. Geode Capital Management LLC increased its position in First Horizon by 0.7% during the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock worth $145,194,000 after purchasing an additional 61,397 shares during the last quarter. Norges Bank purchased a new position in First Horizon during the fourth quarter worth about $132,418,000. Finally, JPMorgan Chase & Co. boosted its holdings in First Horizon by 160.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after purchasing an additional 3,400,811 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on FHN shares. Barclays lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Bank of America upped their price target on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Royal Bank of Canada boosted their price objective on shares of First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Wells Fargo & Company increased their target price on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Finally, Citigroup lifted their target price on First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.23.

First Horizon Stock Performance

Shares of First Horizon stock opened at $16.16 on Friday. The firm has a market capitalization of $8.31 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.19 and a beta of 0.60. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 52 week low of $13.72 and a 52 week high of $22.44. The firm’s 50 day moving average is $20.36 and its two-hundred day moving average is $19.42.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping 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 quarter last year, the company posted $0.32 EPS. Research analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.15 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.71%. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insiders Place Their Bets

In other news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.87% of the stock is currently owned by corporate insiders.

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.