Harvest Fund Management Co. Ltd Makes New $122,000 Investment in First Horizon Co. (NYSE:FHN)

Harvest Fund Management Co. Ltd purchased a new position in First Horizon Co. (NYSE:FHN) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,069 shares of the financial services provider’s stock, valued at approximately $122,000.

A number of other institutional investors also recently made changes to their positions in the stock. CIBC Asset Management Inc raised its holdings in shares of First Horizon by 3.5% in the third quarter. CIBC Asset Management Inc now owns 16,330 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 559 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of First Horizon by 3.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider’s stock worth $317,000 after acquiring an additional 571 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of First Horizon by 29.9% in the fourth quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 591 shares during the last quarter. Independent Advisor Alliance raised its holdings in shares of First Horizon by 1.1% in the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider’s stock worth $1,163,000 after acquiring an additional 632 shares during the last quarter. Finally, Access Investment Management LLC raised its holdings in shares of First Horizon by 0.8% in the fourth quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider’s stock worth $1,782,000 after acquiring an additional 675 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FHN has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their price target on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a report on Friday, January 17th. Royal Bank of Canada upped their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Wells Fargo & Company upped their target price on First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Bank of America upped their target price on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Barclays upped their target price on First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.23.

Insider Transactions at First Horizon

In related news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.87% of the company’s stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $19.26 on Friday. First Horizon Co. has a 1-year low of $13.72 and a 1-year high of $22.44. The business has a 50-day moving average of $20.80 and a 200-day moving average of $19.19. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market capitalization of $9.90 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN) last issued 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 return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the business earned $0.32 earnings per share. On average, equities analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders 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 3.12%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 44.12%.

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.