First Horizon Co. (NYSE:FHN) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its position in shares of First Horizon Co. (NYSE:FHN) by 2.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,253 shares of the financial services provider’s stock after purchasing an additional 1,625 shares during the period. State of Alaska Department of Revenue’s holdings in First Horizon were worth $966,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FHN. Sei Investments Co. raised its position in shares of First Horizon by 57.6% during the 1st quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock worth $6,573,000 after buying an additional 155,982 shares in the last quarter. LSV Asset Management raised its position in shares of First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock worth $205,340,000 after buying an additional 4,434,929 shares in the last quarter. Seven Eight Capital LP bought a new stake in shares of First Horizon during the 1st quarter worth about $2,366,000. O Shaughnessy Asset Management LLC raised its position in shares of First Horizon by 286.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 65,730 shares of the financial services provider’s stock worth $1,012,000 after buying an additional 48,720 shares in the last quarter. Finally, M&G Plc bought a new stake in shares of First Horizon during the 1st quarter worth about $8,019,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

FHN stock opened at $17.27 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 1.29 and a beta of 0.86. First Horizon Co. has a 12 month low of $10.96 and a 12 month high of $17.93. The firm has a 50 day moving average of $16.22 and a two-hundred day moving average of $15.80.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $821.63 million. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. During the same period in the previous year, the firm posted $0.27 earnings per share. As a group, equities analysts anticipate that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is currently 43.48%.

First Horizon announced that its board has initiated a stock buyback program on Tuesday, October 29th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 10.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of research reports. Barclays boosted their target price on shares of First Horizon from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a report on Thursday, July 18th. Stephens boosted their target price on shares of First Horizon from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Robert W. Baird set a $17.00 target price on shares of First Horizon in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their price target on shares of First Horizon from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.92.

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.