State of Michigan Retirement System Buys 3,200 Shares of First Horizon Co. (NYSE:FHN)

State of Michigan Retirement System increased its stake in First Horizon Co. (NYSE:FHN) by 2.4% during the first quarter, Holdings Channel reports. The firm owned 137,256 shares of the financial services provider’s stock after acquiring an additional 3,200 shares during the period. State of Michigan Retirement System’s holdings in First Horizon were worth $2,114,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FHN. Norges Bank acquired a new stake in First Horizon during the fourth quarter worth about $86,487,000. Junto Capital Management LP bought a new position in First Horizon in the fourth quarter valued at approximately $52,721,000. LSV Asset Management raised its position in First Horizon by 62.2% during the fourth quarter. LSV Asset Management now owns 8,898,809 shares of the financial services provider’s stock valued at $126,007,000 after purchasing an additional 3,411,600 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in First Horizon by 1,068.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,129,336 shares of the financial services provider’s stock worth $34,485,000 after purchasing an additional 2,861,474 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of First Horizon by 4.2% in the 3rd 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. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company upped their price objective on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Stephens started coverage on shares of First Horizon in a report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price target on the stock. Royal Bank of Canada raised shares of First Horizon from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $18.00 target price on shares of First Horizon in a research report on Tuesday, June 11th. Finally, Barclays upped their price target on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.15.

First Horizon Stock Down 1.8 %

Shares of NYSE:FHN opened at $15.52 on Friday. The firm has a market cap of $8.49 billion, a P/E ratio of 10.85, a P/E/G ratio of 2.12 and a beta of 0.89. First Horizon Co. has a 12-month low of $10.08 and a 12-month high of $16.28. The business has a fifty day simple moving average of $15.38 and a 200 day simple moving average of $14.72. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The company had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same period last year, the company earned $0.46 earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year. Analysts predict that First Horizon Co. will post 1.51 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Friday, June 14th. First Horizon’s dividend payout ratio is currently 41.96%.

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.