Expect Equity LLC Takes Position in First Horizon Co. (NYSE:FHN)

Expect Equity LLC purchased a new position in shares of First Horizon Co. (NYSE:FHN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 165,025 shares of the financial services provider’s stock, valued at approximately $3,324,000. First Horizon makes up 3.5% of Expect Equity LLC’s portfolio, making the stock its 5th largest position.

A number of other hedge funds have also added to or reduced their stakes in FHN. Bank of New York Mellon Corp grew its position in First Horizon by 26.2% in the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock valued at $747,822,000 after acquiring an additional 7,715,191 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of First Horizon by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider’s stock valued at $400,173,000 after purchasing an additional 97,429 shares during the last quarter. Norges Bank acquired a new position in First Horizon during the 4th quarter worth approximately $132,418,000. JPMorgan Chase & Co. lifted its stake in First Horizon by 160.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock valued at $111,270,000 after purchasing an additional 3,400,811 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in First Horizon in the 4th quarter valued at approximately $102,467,000. 80.28% of the stock is owned by institutional investors.

First Horizon Trading Up 3.6 %

Shares of First Horizon stock opened at $19.28 on Friday. The stock has a market capitalization of $9.91 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. First Horizon Co. has a 52 week low of $14.09 and a 52 week high of $22.44. The stock has a 50 day moving average price of $18.27 and a two-hundred day moving average price of $19.68. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter in the previous year, the business earned $0.35 EPS. As a group, equities analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon’s dividend payout ratio (DPR) is currently 41.67%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FHN. Raymond James lowered their price target on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a report on Tuesday, April 29th. Wells Fargo & Company cut their price target on First Horizon from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Royal Bank of Canada reduced their target price on shares of First Horizon from $24.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.03.

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.