UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys 6,827,040 Shares of First Horizon Co. (NYSE:FHN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 496.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,202,539 shares of the financial services provider's stock after acquiring an additional 6,827,040 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.55% of First Horizon worth $165,199,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Jones Financial Companies Lllp acquired a new stake in First Horizon in the 4th quarter valued at $30,000. Kentucky Trust Co acquired a new position in First Horizon during the 4th quarter worth approximately $32,000. Lee Danner & Bass Inc. acquired a new position in First Horizon during the 4th quarter worth approximately $50,000. MassMutual Private Wealth & Trust FSB increased its position in First Horizon by 335.6% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,000 shares during the period. Finally, Farther Finance Advisors LLC increased its position in 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 during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

FHN stock traded down $0.16 during midday trading on Wednesday, reaching $20.03. The company had a trading volume of 1,386,478 shares, compared to its average volume of 6,167,259. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 1 year low of $14.09 and a 1 year high of $22.44. The company has a market capitalization of $10.16 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.19 and a beta of 0.59. The firm has a 50-day moving average price of $18.54 and a 200-day moving average price of $19.89.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to analysts' expectations of $825.11 million. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the previous year, the company earned $0.35 EPS. On average, research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm 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 $0.15 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.00%. First Horizon's payout ratio is 41.67%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FHN. Barclays decreased their price objective on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective on the stock in a research note on Monday, April 7th. Royal Bank of Canada reduced their price objective on shares of First Horizon from $24.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Citigroup raised their price target on shares of First Horizon from $24.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Truist Financial assumed coverage on shares of First Horizon in a research note on Tuesday, May 13th. They issued a "hold" rating and a $21.00 target price on the stock. Seven investment 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $22.41.

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.