Zurcher Kantonalbank Zurich Cantonalbank Buys 14,017 Shares of First Horizon Co. (NYSE:FHN)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of First Horizon Co. (NYSE:FHN) by 12.1% in the fourth quarter, Holdings Channel reports. The fund owned 129,725 shares of the financial services provider’s stock after acquiring an additional 14,017 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Horizon were worth $2,613,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Citigroup Inc. grew its position in shares of First Horizon by 43.0% during the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock valued at $14,724,000 after acquiring an additional 285,108 shares during the period. Allen Capital Group LLC boosted its holdings in First Horizon by 128.4% in the 3rd quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after buying an additional 29,581 shares during the period. First Citizens Bank & Trust Co. bought a new position in First Horizon in the 4th quarter worth approximately $304,000. Merit Financial Group LLC bought a new position in First Horizon in the 4th quarter worth approximately $453,000. Finally, Smith Group Asset Management LLC bought a new position in First Horizon in the 4th quarter worth approximately $1,813,000. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

NYSE FHN opened at $19.02 on Monday. First Horizon Co. has a 52-week low of $13.72 and a 52-week high of $22.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $9.92 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.19 and a beta of 0.86. The company has a fifty day moving average of $20.94 and a 200-day moving average of $19.12.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the company posted $0.32 earnings per share. As a group, equities research analysts predict that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio is presently 44.12%.

Wall Street Analysts Forecast Growth

FHN has been the subject of several analyst reports. The Goldman Sachs Group raised their price objective on shares of First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Stephens reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. UBS Group started coverage on shares of First Horizon in a report on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price objective for the company. Royal Bank of Canada increased their target price on shares of First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Barclays raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $22.23.

Insiders Place Their Bets

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the sale, the chief executive officer now directly owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by insiders.

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.