First Horizon Co. (NYSE:FHN) Shares Bought by M&G Plc

M&G Plc increased its position in First Horizon Co. (NYSE:FHN) by 12.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 601,017 shares of the financial services provider’s stock after acquiring an additional 66,416 shares during the period. M&G Plc’s holdings in First Horizon were worth $9,616,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FHN. Vanguard Group Inc. raised its position in First Horizon by 1.1% during the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after acquiring an additional 627,730 shares during the last quarter. Bank of New York Mellon Corp increased its position in First Horizon by 224.4% during the first quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after buying an additional 19,728,357 shares in the last quarter. LSV Asset Management raised its holdings in shares of First Horizon by 49.8% in the first quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after acquiring an additional 4,434,929 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First Horizon by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock worth $136,526,000 after acquiring an additional 883,503 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of First Horizon in the fourth quarter valued at $86,487,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FHN. Evercore ISI cut their target price on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Jefferies Financial Group boosted their price target on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price objective on shares of First Horizon in a research report on Tuesday, August 6th. Royal Bank of Canada increased their target price on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 price target on shares of First Horizon in a report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.31.

First Horizon Trading Up 0.5 %

Shares of FHN opened at $15.10 on Wednesday. First Horizon Co. has a 12 month low of $10.08 and a 12 month high of $17.46. The stock’s 50-day moving average is $15.54 and its two-hundred day moving average is $15.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $8.26 billion, a PE ratio of 10.56, a P/E/G ratio of 3.23 and a beta of 0.89.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same period in the previous year, the firm posted $0.39 earnings per share. Equities analysts forecast that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.97%. First Horizon’s dividend payout ratio is presently 41.96%.

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.