Bayesian Capital Management LP Invests $691,000 in First Horizon Co. (NYSE:FHN)

Bayesian Capital Management LP purchased a new stake in shares of First Horizon Co. (NYSE:FHN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 34,300 shares of the financial services provider's stock, valued at approximately $691,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp increased its stake in shares of First Horizon by 26.2% during 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 buying an additional 7,715,191 shares during the period. Norges Bank purchased a new position in First Horizon during the 4th quarter valued at $132,418,000. Raymond James Financial Inc. bought a new position in First Horizon in the 4th quarter worth $102,467,000. Freestone Grove Partners LP purchased a new stake in shares of First Horizon in the 4th quarter worth about $75,485,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Horizon by 160.1% during 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 in the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Performance

FHN stock opened at $18.85 on Tuesday. The stock has a market capitalization of $9.69 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The stock's 50 day simple moving average is $18.41 and its 200 day simple moving average is $19.68. First Horizon Co. has a 12-month low of $14.09 and a 12-month high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. The company had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. During the same period last year, the firm posted $0.35 earnings per share. As a group, research analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.18%. First Horizon's payout ratio is 41.67%.

Analysts Set New Price Targets

Several analysts have commented on FHN shares. Citigroup raised their price objective on shares of First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. lifted their price target on First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a research report on Friday, January 17th. Barclays reduced their price target on First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. StockNews.com cut shares of First Horizon from a "hold" rating to a "sell" rating in a report on Tuesday, April 29th. Finally, Bank of America increased their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, First Horizon has an average rating of "Moderate Buy" and an average target price 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.

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