Zurich Insurance Group Ltd FI Buys Shares of 1,050,218 First Horizon Co. (NYSE:FHN)

Zurich Insurance Group Ltd FI purchased a new position in shares of First Horizon Co. (NYSE:FHN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,050,218 shares of the financial services provider’s stock, valued at approximately $21,151,000. Zurich Insurance Group Ltd FI owned about 0.20% of First Horizon as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp acquired a new position in First Horizon during the fourth quarter worth $30,000. Kentucky Trust Co bought a new stake in First Horizon during the 4th quarter worth about $32,000. Lee Danner & Bass Inc. bought a new stake in First Horizon during the 4th quarter worth about $50,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after buying an additional 2,000 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of First Horizon by 29.9% in the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 591 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FHN has been the topic of several analyst reports. Robert W. Baird upgraded First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 target price on the stock in a report on Monday, April 7th. Bank of America upped their price objective on First Horizon from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a report on Monday, May 12th. Wells Fargo & Company decreased their target price on shares of First Horizon from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Finally, Barclays dropped their price target on shares of First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $21.97.

First Horizon Stock Performance

NYSE FHN opened at $20.09 on Wednesday. The stock has a market cap of $10.19 billion, a PE ratio of 14.77, a P/E/G ratio of 1.19 and a beta of 0.59. 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 firm has a 50-day moving average of $18.47 and a 200-day moving average of $19.85. First Horizon Co. has a 52-week low of $14.09 and a 52-week high of $22.44.

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

First Horizon Dividend Announcement

The company 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 dividend of $0.15 per share. The ex-dividend date is Friday, June 13th. This represents a $0.60 annualized dividend and a yield of 2.99%. First Horizon’s payout ratio is currently 41.67%.

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.