Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Has $3.79 Million Holdings in First Horizon Co. (NYSE:FHN)

Posted by Defense World Staff on Aug 12th, 2023

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in First Horizon Co. (NYSE:FHN – Free Report) by 23.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 213,269 shares of the financial services provider’s stock after purchasing an additional 39,833 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in First Horizon were worth $3,792,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of FHN. FWL Investment Management LLC acquired a new position in First Horizon in the 4th quarter worth about $39,000. Cubist Systematic Strategies LLC bought a new stake in shares of First Horizon during the 3rd quarter worth about $39,000. Concord Wealth Partners bought a new stake in shares of First Horizon during the 4th quarter worth about $40,000. Red Tortoise LLC bought a new stake in shares of First Horizon during the 4th quarter worth about $42,000. Finally, Compass Wealth Management LLC bought a new stake in shares of First Horizon during the 4th quarter worth about $49,000. 78.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at First Horizon

In related news, Director William H. Fenstermaker bought 10,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was acquired at an average cost of $11.62 per share, with a total value of $116,200.00. Following the acquisition, the director now owns 256,312 shares in the company, valued at approximately $2,978,345.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.55% of the stock is currently owned by insiders.

First Horizon Price Performance

Shares of FHN stock opened at $13.59 on Friday. The stock has a 50 day moving average of $12.31 and a two-hundred day moving average of $16.08. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $24.92. The company has a market capitalization of $7.59 billion, a P/E ratio of 7.19, a P/E/G ratio of 3.69 and a beta of 0.94.

First Horizon (NYSE:FHN – Get Free Report) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. First Horizon had a return on equity of 13.44% and a net margin of 24.64%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $820.19 million. During the same quarter last year, the company earned $0.34 EPS. As a group, equities analysts expect that First Horizon Co. will post 1.49 EPS for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.42%. First Horizon’s payout ratio is presently 31.75%.

Analyst Ratings Changes

FHN has been the subject of several recent analyst reports. Robert W. Baird initiated coverage on First Horizon in a research note on Tuesday, July 18th. They set a “neutral” rating and a $14.00 price target for the company. JPMorgan Chase & Co. upped their price target on First Horizon from $13.00 to $13.50 in a research note on Thursday, June 29th. Royal Bank of Canada upped their price target on First Horizon from $13.00 to $14.00 in a research note on Thursday, July 20th. Bank of America decreased their target price on First Horizon from $14.00 to $13.00 in a research note on Thursday, June 8th. Finally, StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, May 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.42.

Read Our Latest Stock Analysis on FHN

First Horizon Company Profile

(Free Report)

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.