LSV Asset Management Has $126.01 Million Stake in First Horizon Co. (NYSE:FHN)

LSV Asset Management increased its stake in shares of First Horizon Co. (NYSE:FHN) by 62.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,898,809 shares of the financial services provider’s stock after buying an additional 3,411,600 shares during the quarter. LSV Asset Management owned about 1.59% of First Horizon worth $126,007,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Macroview Investment Management LLC acquired a new position in shares of First Horizon during the 3rd quarter worth $25,000. Byrne Asset Management LLC bought a new position in shares of First Horizon in the fourth quarter worth about $40,000. Covestor Ltd boosted its stake in shares of First Horizon by 268.5% in the 3rd quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 3,668 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of First Horizon in the 4th quarter valued at approximately $56,000. Finally, Spire Wealth Management grew its holdings in shares of First Horizon by 57.3% during the 3rd quarter. Spire Wealth Management now owns 5,244 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 1,910 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Barclays assumed coverage on shares of First Horizon in a research note on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. Wedbush reissued an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research note on Wednesday, April 10th. Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Evercore ISI boosted their target price on shares of First Horizon from $17.00 to $17.50 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Finally, Keefe, Bruyette & Woods raised shares of First Horizon from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Trading Up 0.8 %

Shares of NYSE:FHN traded up $0.13 during mid-day trading on Friday, hitting $15.80. The company had a trading volume of 11,332,061 shares, compared to its average volume of 6,290,913. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a one year low of $8.99 and a one year high of $15.96. The firm has a fifty day moving average price of $14.76 and a 200 day moving average price of $13.69. The company has a market capitalization of $8.77 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 4.30 and a beta of 0.94.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue was down 4.7% compared to the same quarter last year. As a group, research analysts forecast that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon declared that its Board of Directors has initiated a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio is currently 41.96%.

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.