Harbor Capital Advisors Inc. bought a new stake in First Horizon Co. (NYSE:FHN – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,298 shares of the financial services provider’s stock, valued at approximately $37,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Advisor Group LLC increased its position in First Horizon by 15.6% in the first quarter. Private Advisor Group LLC now owns 29,962 shares of the financial services provider’s stock worth $704,000 after purchasing an additional 4,036 shares during the period. Panagora Asset Management Inc. increased its position in First Horizon by 22.9% in the first quarter. Panagora Asset Management Inc. now owns 17,303 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 3,224 shares during the period. Great West Life Assurance Co. Can increased its position in First Horizon by 10.8% in the first quarter. Great West Life Assurance Co. Can now owns 310,733 shares of the financial services provider’s stock worth $7,507,000 after purchasing an additional 30,189 shares during the period. Blair William & Co. IL increased its position in First Horizon by 2.1% in the first quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 575 shares during the period. Finally, Allianz Asset Management GmbH increased its position in First Horizon by 3,619.3% in the first quarter. Allianz Asset Management GmbH now owns 1,003,120 shares of the financial services provider’s stock worth $23,563,000 after purchasing an additional 976,149 shares during the period. 76.44% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on FHN. Royal Bank of Canada raised their target price on First Horizon from $13.00 to $14.00 in a report on Thursday, July 20th. StockNews.com began coverage on First Horizon in a report on Thursday, August 17th. They set a “sell” rating on the stock. Raymond James upgraded First Horizon from a “market perform” rating to an “outperform” rating and set a $13.00 target price on the stock in a report on Thursday, July 6th. The Goldman Sachs Group assumed coverage on First Horizon in a report on Wednesday, June 28th. They set a “neutral” rating on the stock. Finally, SpectralCast reiterated a “reinstates” rating on shares of First Horizon in a report on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.42.
First Horizon Trading Down 0.3 %
NYSE FHN opened at $11.11 on Friday. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 5.88, a PEG ratio of 3.15 and a beta of 0.95. The stock’s 50 day moving average price is $12.58 and its two-hundred day moving average price is $13.54. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.94. First Horizon Co. has a 52 week low of $8.99 and a 52 week high of $24.92.
First Horizon (NYSE:FHN – Get Free Report) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $820.19 million. First Horizon had a return on equity of 13.44% and a net margin of 24.64%. During the same quarter in the previous year, the business posted $0.34 EPS. As a group, analysts anticipate that First Horizon Co. will post 1.47 earnings per share for the current fiscal year.
First Horizon Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 5.40%. The ex-dividend date is Thursday, September 14th. First Horizon’s payout ratio is 31.75%.
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 three segments: Regional Banking, Specialty Banking, and Corporate. It offers general banking services for consumers, businesses, financial institutions, and governments.
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