Johnson Investment Counsel Inc. Acquires 124,185 Shares of First Horizon Corporation (NYSE:FHN)

Johnson Investment Counsel Inc. boosted its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 4.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,785,777 shares of the financial services provider's stock after purchasing an additional 124,185 shares during the period. Johnson Investment Counsel Inc. owned about 0.54% of First Horizon worth $54,100,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FHN. Millennium Management LLC lifted its stake in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after purchasing an additional 10,763,349 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in 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 worth $747,822,000 after purchasing an additional 7,715,191 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in First Horizon by 496.3% during the fourth 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 worth $165,199,000 after purchasing an additional 6,827,040 shares during the last quarter. Norges Bank bought a new stake in First Horizon during the fourth quarter worth $132,418,000. Finally, Raymond James Financial Inc. bought a new stake in First Horizon during the fourth quarter worth $102,467,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Up 2.1%

NYSE:FHN traded up $0.41 during trading hours on Friday, hitting $19.92. 13,290,147 shares of the company were exchanged, compared to its average volume of 6,052,831. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.02 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.20. First Horizon Corporation has a one year low of $14.34 and a one year high of $22.44. The company has a fifty day simple moving average of $19.13 and a 200 day simple moving average of $19.80.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to analyst estimates 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 last year, the company earned $0.35 EPS. Sell-side analysts expect that First Horizon Corporation will post 1.67 EPS 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 given a $0.15 dividend. 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 (DPR) is presently 41.67%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods cut their target price on First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company cut their price objective on First Horizon from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Raymond James Financial cut their price objective on First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Jefferies Financial Group assumed coverage on First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Barclays cut their price objective on First Horizon from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.53.

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.