State of New Jersey Common Pension Fund D Boosts Stake in First Horizon Co. (NYSE:FHN)

State of New Jersey Common Pension Fund D boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 299,061 shares of the financial services provider’s stock after buying an additional 14,476 shares during the period. State of New Jersey Common Pension Fund D’s holdings in First Horizon were worth $4,235,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FHN. Nisa Investment Advisors LLC increased its position in shares of First Horizon by 0.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 106,489 shares of the financial services provider’s stock worth $1,508,000 after purchasing an additional 900 shares in the last quarter. Levin Capital Strategies L.P. increased its position in shares of First Horizon by 10.0% during the third quarter. Levin Capital Strategies L.P. now owns 11,000 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,000 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of First Horizon by 0.4% during the fourth quarter. Yousif Capital Management LLC now owns 265,607 shares of the financial services provider’s stock worth $3,761,000 after purchasing an additional 1,068 shares in the last quarter. Red Door Wealth Management LLC increased its position in shares of First Horizon by 3.4% during the fourth quarter. Red Door Wealth Management LLC now owns 32,239 shares of the financial services provider’s stock worth $456,000 after purchasing an additional 1,070 shares in the last quarter. Finally, State of Michigan Retirement System increased its position in shares of First Horizon by 0.8% during the third quarter. State of Michigan Retirement System now owns 133,556 shares of the financial services provider’s stock worth $1,472,000 after purchasing an additional 1,100 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Robert W. Baird upped their target price on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. Wedbush reissued an “outperform” rating and issued a $17.00 target price on shares of First Horizon in a research report on Wednesday, April 10th. Barclays assumed coverage on First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price on the stock. Finally, Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research report on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and an average target price of $16.15.

First Horizon Trading Up 0.1 %

FHN stock opened at $14.81 on Friday. The company’s 50-day simple moving average is $14.64 and its 200-day simple moving average is $13.52. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $17.82. The firm has a market cap of $8.22 billion, a P/E ratio of 10.36, a PEG ratio of 4.06 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. As a group, equities analysts forecast that First Horizon Co. will post 1.5 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio is presently 41.96%.

First Horizon declared that its Board of Directors has authorized a share buyback plan on Tuesday, January 23rd that authorizes the company to repurchase $650.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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 Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.