3,747,994 Shares in First Horizon Co. (NYSE:FHN) Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP acquired a new stake in shares of First Horizon Co. (NYSE:FHN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,747,994 shares of the financial services provider's stock, valued at approximately $75,485,000. First Horizon makes up 0.9% of Freestone Grove Partners LP's investment portfolio, making the stock its 12th biggest position. Freestone Grove Partners LP owned about 0.71% of First Horizon at the end of the most recent reporting period.

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

First Horizon Stock Up 3.3 %

Shares of FHN stock traded up $0.61 on Friday, reaching $18.89. 4,592,412 shares of the company's stock traded hands, compared to its average volume of 6,216,371. The company has a market capitalization of $9.71 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60. First Horizon Co. has a 12-month low of $14.09 and a 12-month 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 business's 50 day moving average price is $18.45 and its two-hundred day moving average price is $19.65.

First Horizon (NYSE:FHN - Get Free Report) last released its 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. The company had revenue of $823.69 million for the quarter, compared to analysts' expectations 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 posted $0.35 EPS. On average, equities analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Friday, June 13th. First Horizon's dividend payout ratio (DPR) is currently 41.67%.

Analyst Ratings Changes

A number of research firms have recently commented on FHN. Wells Fargo & Company dropped their price objective 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. StockNews.com downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a report on Tuesday, April 29th. Stephens reiterated an "overweight" rating and issued a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Monday, April 7th. Finally, Baird R W upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.03.

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.