Norges Bank Takes $153.94 Million Position in First Horizon Corporation $FHN

Norges Bank purchased a new stake in First Horizon Corporation (NYSE:FHN) in the fourth quarter, HoldingsChannel reports. The firm purchased 6,441,083 shares of the financial services provider’s stock, valued at approximately $153,942,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Coyle Financial Counsel LLC acquired a new position in First Horizon during the fourth quarter valued at approximately $768,000. Eurizon Capital SGR S.p.A. acquired a new position in First Horizon during the fourth quarter valued at approximately $486,000. Northwestern Mutual Wealth Management Co. raised its position in First Horizon by 1.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after purchasing an additional 507 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in First Horizon by 68.0% during the fourth quarter. Jupiter Asset Management Ltd. now owns 3,653,460 shares of the financial services provider’s stock valued at $87,318,000 after purchasing an additional 1,478,299 shares in the last quarter. Finally, Moors & Cabot Inc. raised its position in First Horizon by 10.9% during the fourth quarter. Moors & Cabot Inc. now owns 40,350 shares of the financial services provider’s stock valued at $964,000 after purchasing an additional 3,950 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on FHN shares. Keefe, Bruyette & Woods boosted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Wall Street Zen upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a research report on Tuesday. Barclays lowered their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Wells Fargo & Company boosted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. Finally, DA Davidson restated a “neutral” rating and set a $26.00 price objective on shares of First Horizon in a research report on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.45.

First Horizon Stock Performance

NYSE FHN opened at $23.67 on Thursday. The firm’s fifty day moving average price is $23.92 and its two-hundred day moving average price is $23.76. The stock has a market cap of $11.23 billion, a PE ratio of 11.83, a PEG ratio of 0.94 and a beta of 0.60. First Horizon Corporation has a fifty-two week low of $19.03 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analysts’ expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The company’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. On average, equities analysts expect that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s payout ratio is presently 34.00%.

About First Horizon

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.