Premier Fund Managers Ltd Takes Position in First Horizon Co. (NYSE:FHN)

Premier Fund Managers Ltd acquired a new position in shares of First Horizon Co. (NYSE:FHN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 30,770 shares of the financial services provider’s stock, valued at approximately $620,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Citigroup Inc. lifted its stake in shares of First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after acquiring an additional 285,108 shares during the last quarter. Cerity Partners LLC increased its stake in shares of First Horizon by 44.9% in the third quarter. Cerity Partners LLC now owns 114,529 shares of the financial services provider’s stock valued at $1,779,000 after buying an additional 35,479 shares during the period. Fisher Asset Management LLC raised its position in shares of First Horizon by 18.5% during the third quarter. Fisher Asset Management LLC now owns 242,684 shares of the financial services provider’s stock worth $3,769,000 after acquiring an additional 37,939 shares during the last quarter. Independent Advisor Alliance boosted its stake in shares of First Horizon by 3.9% in the 3rd quarter. Independent Advisor Alliance now owns 57,098 shares of the financial services provider’s stock valued at $887,000 after purchasing an additional 2,157 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in First Horizon during the third quarter worth $92,000. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the subject of several research analyst reports. Royal Bank of Canada lifted their price objective on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Wells Fargo & Company boosted their price target 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 raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their price target on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.23.

Insider Buying and Selling

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the 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 transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is currently owned by insiders.

First Horizon Price Performance

Shares of NYSE:FHN opened at $19.34 on Friday. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44. The company’s 50-day moving average is $20.69 and its 200 day moving average is $19.28. 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 company has a market capitalization of $9.94 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN) last released its earnings results 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 quarter in the prior year, the company posted $0.32 earnings per share. On average, equities research analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared 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 of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.10%. First Horizon’s payout ratio is 44.12%.

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.