Bleakley Financial Group LLC Increases Stake in First Horizon Co. (NYSE:FHN)

Bleakley Financial Group LLC lifted its stake in First Horizon Co. (NYSE:FHN) by 17.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,509 shares of the financial services provider’s stock after purchasing an additional 4,168 shares during the quarter. Bleakley Financial Group LLC’s holdings in First Horizon were worth $439,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in First Horizon by 224.4% in the 1st quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after buying an additional 19,728,357 shares during the period. Norges Bank acquired a new position in First Horizon in the 4th quarter worth approximately $86,487,000. LSV Asset Management increased its holdings in First Horizon by 49.8% in the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after buying an additional 4,434,929 shares during the period. Junto Capital Management LP acquired a new position in First Horizon in the 4th quarter worth approximately $52,721,000. Finally, Vanguard Group Inc. increased its holdings in First Horizon by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock worth $625,661,000 after buying an additional 2,276,977 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Down 1.5 %

Shares of FHN stock opened at $16.20 on Friday. The company’s 50-day moving average price is $15.53 and its 200-day moving average price is $14.87. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market cap of $8.86 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 2.36 and a beta of 0.89. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $17.46.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. During the same period in the previous year, the company earned $0.39 EPS. As a group, equities analysts predict that First Horizon Co. will post 1.52 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.15 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.70%. First Horizon’s payout ratio is currently 41.96%.

Analyst Ratings Changes

FHN has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 price objective on shares of First Horizon in a research note on Wednesday. Barclays raised their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Royal Bank of Canada raised their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday. Stephens started coverage on shares of First Horizon in a research note on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.31.

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.