Advisor Resource Council Buys Shares of 54,689 First Horizon Corporation (NYSE:FHN)

Advisor Resource Council acquired a new stake in First Horizon Corporation (NYSE:FHN - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 54,689 shares of the financial services provider's stock, valued at approximately $1,062,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Millennium Management LLC raised its position in shares of First Horizon by 102.3% in the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of First Horizon by 26.2% in 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of First Horizon by 496.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after buying an additional 6,827,040 shares in the last quarter. Norges Bank acquired a new position in shares of First Horizon in the 4th quarter valued at approximately $132,418,000. Finally, Raymond James Financial Inc. acquired a new position in First Horizon during the fourth quarter valued at approximately $102,467,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Bank of America boosted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. Barclays decreased their target price on First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Royal Bank Of Canada restated an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Finally, Raymond James Financial reduced their price target on First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, six have issued 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, First Horizon has an average rating of "Moderate Buy" and a consensus target price of $22.53.

First Horizon Stock Performance

Shares of NYSE:FHN traded up $0.41 during midday trading on Friday, reaching $19.92. 13,290,147 shares of the company's stock traded hands, compared to its average volume of 6,052,831. The company has a market cap of $10.10 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.02 and a beta of 0.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a one year low of $14.34 and a one year high of $22.44. The stock has a 50 day moving average of $19.13 and a 200 day moving average of $19.79.

First Horizon (NYSE:FHN - Get Free Report) 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. The firm 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 10.33% and a net margin of 16.13%. During the same period in the prior year, the firm earned $0.35 EPS. As a group, equities research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon's dividend payout ratio is 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.