Intech Investment Management LLC Increases Holdings in First Horizon Co. (NYSE:FHN)

Intech Investment Management LLC grew its holdings in shares of First Horizon Co. (NYSE:FHN) by 53.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 644,742 shares of the financial services provider’s stock after buying an additional 223,993 shares during the quarter. Intech Investment Management LLC owned 0.12% of First Horizon worth $12,985,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FHN. Versant Capital Management Inc raised its position in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after buying an additional 884 shares in the last quarter. Jones Financial Companies Lllp bought a new position in First Horizon during the 4th quarter valued at about $30,000. Kentucky Trust Co bought a new position in First Horizon during the 4th quarter valued at about $32,000. True Wealth Design LLC bought a new position in First Horizon during the 3rd quarter valued at about $36,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 2,000 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FHN. Stephens reiterated an “overweight” rating and set a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Keefe, Bruyette & Woods upped their price target on shares of First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, December 19th. Citigroup upped their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. upped their target price on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company upped their target price on shares of First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, January 17th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.23.

Insider Transactions at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.87% of the company’s stock.

First Horizon Trading Down 0.9 %

NYSE FHN opened at $18.86 on Tuesday. The company has a fifty day simple moving average of $20.91 and a two-hundred day simple moving average of $19.14. The stock has a market cap of $9.84 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the previous year, the business earned $0.32 earnings per share. On average, analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

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 paid a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.18%. First Horizon’s dividend payout ratio is currently 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.