Harvest Fund Management Co. Ltd Purchases New Holdings in First Horizon Co. (NYSE:FHN)

Harvest Fund Management Co. Ltd acquired a new stake in shares of First Horizon Co. (NYSE:FHN) during the 4th quarter, Holdings Channel.com reports. The fund acquired 6,069 shares of the financial services provider’s stock, valued at approximately $122,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after buying an additional 7,715,191 shares in the last quarter. State Street Corp raised its stake in First Horizon by 18.6% during the third quarter. State Street Corp now owns 26,236,784 shares of the financial services provider’s stock valued at $410,789,000 after buying an additional 4,116,486 shares in the last quarter. Geode Capital Management LLC raised its stake in First Horizon by 0.7% during the third quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider’s stock valued at $145,194,000 after buying an additional 61,397 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in First Horizon during the fourth quarter valued at approximately $102,467,000. Finally, Amundi raised its stake in First Horizon by 255.6% during the fourth quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after buying an additional 2,683,746 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of NYSE FHN opened at $19.26 on Friday. The stock has a fifty day moving average price of $20.80 and a two-hundred day moving average price of $19.19. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market cap of $9.90 billion, a P/E ratio of 14.16, a PEG ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the company posted $0.32 earnings per share. Research analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Friday, March 14th. First Horizon’s payout ratio is currently 44.12%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research note on Friday, January 17th. Bank of America increased their price target on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Wells Fargo & Company increased their price target on First Horizon from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. UBS Group began coverage on First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Citigroup increased their price target on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $22.23.

Insider Buying and Selling at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by corporate insiders.

First Horizon 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.