Los Angeles Capital Management LLC reduced its stake in First Horizon Co. (NYSE:FHN - Free Report) by 28.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 622,024 shares of the financial services provider's stock after selling 246,070 shares during the period. Los Angeles Capital Management LLC owned 0.12% of First Horizon worth $12,528,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of FHN. Citigroup Inc. boosted its holdings in shares of First Horizon by 43.0% in the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider's stock valued at $14,724,000 after purchasing an additional 285,108 shares during the period. Allen Capital Group LLC lifted its holdings in shares of First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider's stock worth $817,000 after buying an additional 29,581 shares during the period. First Citizens Bank & Trust Co. bought a new position in shares of First Horizon during the 4th quarter worth $304,000. Merit Financial Group LLC purchased a new position in shares of First Horizon during the fourth quarter valued at $453,000. Finally, Smith Group Asset Management LLC bought a new stake in shares of First Horizon in the fourth quarter valued at about $1,813,000. 80.28% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have commented on FHN shares. Bank of America raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Stephens reissued an "overweight" rating and issued a $24.00 price objective on shares of First Horizon in a research note on Friday, January 17th. Evercore ISI upped their target price on First Horizon from $18.00 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, October 30th. Raymond James lifted their price target on First Horizon from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Finally, Wells Fargo & Company upped their price objective 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.04.
View Our Latest Analysis on FHN
In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by company insiders.
Shares of FHN stock opened at $20.94 on Thursday. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.19 and a beta of 0.92. The stock's 50-day simple moving average is $21.10 and its 200-day simple moving average is $18.80.
First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 in the prior year, the firm posted $0.32 EPS. As a group, equities analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's payout ratio is 44.12%.
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.
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