Intech Investment Management LLC Increases Position in First Horizon Co. (NYSE:FHN)

Intech Investment Management LLC increased its position in First Horizon Co. (NYSE:FHN) by 1,247.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 226,208 shares of the financial services provider’s stock after acquiring an additional 209,423 shares during the period. Intech Investment Management LLC’s holdings in First Horizon were worth $3,567,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new stake in shares of First Horizon during the first quarter worth about $25,000. Raleigh Capital Management Inc. acquired a new stake in First Horizon during the 4th quarter valued at approximately $28,000. Fidelis Capital Partners LLC acquired a new stake in First Horizon during the 1st quarter valued at approximately $28,000. Family Firm Inc. purchased a new stake in shares of First Horizon in the 2nd quarter valued at $28,000. Finally, Fortitude Family Office LLC increased its stake in shares of First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 1,102 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on FHN shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. Royal Bank of Canada lifted their price target on First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target for the company. in a report on Thursday, July 18th. Barclays raised their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Monday, June 24th. Finally, Jefferies Financial Group boosted their target price on shares of First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and a consensus target price of $17.38.

First Horizon Stock Down 1.2 %

FHN stock opened at $15.97 on Monday. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a 50-day simple moving average of $15.97 and a 200-day simple moving average of $15.46. The stock has a market capitalization of $8.73 billion, a P/E ratio of 11.17, a P/E/G ratio of 3.09 and a beta of 0.88.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same quarter last 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders 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 yield of 3.76%. First Horizon’s dividend payout ratio (DPR) is presently 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.