State of New Jersey Common Pension Fund D Grows Stock Position in First Horizon Co. (NYSE:FHN)

State of New Jersey Common Pension Fund D boosted its position in First Horizon Co. (NYSE:FHN) by 5.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 299,061 shares of the financial services provider’s stock after buying an additional 14,476 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.05% of First Horizon worth $4,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of FHN. Vanguard Group Inc. grew its position in shares of First Horizon by 4.2% in the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock valued at $625,661,000 after purchasing an additional 2,276,977 shares in the last quarter. North Reef Capital Management LP grew its position in First Horizon by 137.9% during the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock worth $98,078,000 after buying an additional 5,158,750 shares in the last quarter. AQR Capital Management LLC grew its position in First Horizon by 6,217.8% during the third quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock worth $86,023,000 after buying an additional 7,682,480 shares in the last quarter. LSV Asset Management grew its position in First Horizon by 807.7% during the third quarter. LSV Asset Management now owns 5,487,209 shares of the financial services provider’s stock worth $60,469,000 after buying an additional 4,882,709 shares in the last quarter. Finally, Scout Investments Inc. raised its position in First Horizon by 9.0% during the 3rd quarter. Scout Investments Inc. now owns 4,742,382 shares of the financial services provider’s stock valued at $50,459,000 after purchasing an additional 389,677 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. UBS Group raised First Horizon from a “neutral” rating to a “buy” rating and upped their price target for the company from $15.50 to $16.00 in a research report on Wednesday, January 24th. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $13.00 to $17.00 in a research report on Friday, January 5th. Wedbush reaffirmed an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Finally, Wells Fargo & Company upped their target price on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.15.

First Horizon Stock Performance

Shares of FHN opened at $14.81 on Friday. The business’s fifty day simple moving average is $14.64 and its two-hundred day simple moving average is $13.52. 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 12 month low of $8.99 and a 12 month high of $17.82. The company has a market cap of $8.22 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 4.06 and a beta of 0.94.

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

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.05%. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

First Horizon declared that its board has initiated a share buyback program on Tuesday, January 23rd that permits the company to repurchase $650.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

About First Horizon

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.