Amalgamated Bank Acquires 4,981 Shares of First Horizon Co. (NYSE:FHN)

Amalgamated Bank raised its holdings in shares of First Horizon Co. (NYSE:FHN) by 1.4% in the 4th quarter, HoldingsChannel reports. The firm owned 368,404 shares of the financial services provider’s stock after buying an additional 4,981 shares during the period. Amalgamated Bank’s holdings in First Horizon were worth $5,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Summit Global Investments bought a new position in shares of First Horizon in the fourth quarter worth $384,000. Los Angeles Capital Management LLC raised its position in shares of First Horizon by 659.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 486,377 shares of the financial services provider’s stock valued at $6,887,000 after buying an additional 422,342 shares in the last quarter. Natixis Advisors L.P. boosted its position in shares of First Horizon by 30.2% during the 4th quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock worth $3,948,000 after acquiring an additional 64,749 shares in the last quarter. Swiss National Bank bought a new position in First Horizon in the fourth quarter valued at approximately $15,592,000. Finally, Victory Capital Management Inc. raised its position in First Horizon by 388.5% during the fourth quarter. Victory Capital Management Inc. now owns 476,145 shares of the financial services provider’s stock valued at $6,742,000 after purchasing an additional 378,667 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI lifted their price target on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. Wedbush reiterated an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a research report on Wednesday, April 10th. Finally, Robert W. Baird raised their target price on shares of First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.15.

First Horizon Stock Down 0.6 %

First Horizon stock opened at $15.70 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 1-year low of $9.48 and a 1-year high of $16.01. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94. The firm’s fifty day moving average price is $14.80 and its two-hundred day moving average price is $13.76.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The company had revenue of $819.00 million for the quarter, compared to analysts’ expectations of $809.51 million. During the same quarter in the previous year, the firm posted $0.46 EPS. First Horizon’s revenue was down 4.7% on a year-over-year basis. On average, equities research analysts predict that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon declared that its Board of Directors has authorized a share repurchase program on Tuesday, January 23rd that allows the company to buyback $650.00 million in shares. This buyback authorization allows the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

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.