Clearbridge Investments LLC Boosts Holdings in First Horizon Co. (NYSE:FHN)

Clearbridge Investments LLC raised its holdings in shares of First Horizon Co. (NYSE:FHN) by 3.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 4,172,873 shares of the financial services provider’s stock after acquiring an additional 156,020 shares during the period. Clearbridge Investments LLC’s holdings in First Horizon were worth $64,262,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in First Horizon by 224.4% during the first quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock valued at $439,186,000 after purchasing an additional 19,728,357 shares during the last quarter. Norges Bank bought a new stake in shares of First Horizon during the 4th quarter worth $86,487,000. LSV Asset Management grew its position in First Horizon by 49.8% in the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after acquiring an additional 4,434,929 shares in the last quarter. Junto Capital Management LP bought a new position in First Horizon in the fourth quarter valued at $52,721,000. Finally, Leeward Investments LLC MA raised its position in First Horizon by 194.7% during the fourth quarter. Leeward Investments LLC MA now owns 2,209,915 shares of the financial services provider’s stock valued at $31,292,000 after purchasing an additional 1,460,028 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 1.1 %

Shares of FHN stock traded down $0.18 during mid-day trading on Wednesday, reaching $16.36. 5,626,741 shares of the company’s stock traded hands, compared to its average volume of 6,977,522. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $15.57 and its 200-day moving average price is $14.93. The company has a market cap of $8.95 billion, a P/E ratio of 11.53, a P/E/G ratio of 3.29 and a beta of 0.89. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $819.82 million. During the same quarter last year, the company posted $0.39 EPS. On average, equities analysts expect that First Horizon Co. will post 1.48 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is 41.96%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FHN shares. Wells Fargo & Company upped their price objective on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a research report on Thursday, July 18th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a report on Thursday, April 4th. Finally, Barclays raised their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.31.

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.