Royal Bank of Canada Buys 739,679 Shares of First Horizon Co. (NYSE:FHN)

Royal Bank of Canada grew its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 356.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 947,117 shares of the financial services provider's stock after acquiring an additional 739,679 shares during the period. Royal Bank of Canada owned 0.18% of First Horizon worth $19,076,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Point72 Europe London LLP lifted its stake in First Horizon by 1.7% in the 4th quarter. Point72 Europe London LLP now owns 455,757 shares of the financial services provider's stock worth $9,179,000 after purchasing an additional 7,427 shares in the last quarter. Polar Capital Holdings Plc bought a new stake in First Horizon during the fourth quarter valued at $7,571,000. ProShare Advisors LLC grew its position in First Horizon by 6.2% during the fourth quarter. ProShare Advisors LLC now owns 24,803 shares of the financial services provider's stock worth $500,000 after buying an additional 1,442 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of First Horizon by 39.4% in the 4th quarter. Quantinno Capital Management LP now owns 38,699 shares of the financial services provider's stock valued at $779,000 after acquiring an additional 10,939 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of First Horizon during the 4th quarter valued at about $1,417,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FHN. Jefferies Financial Group assumed coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. Raymond James lowered their price target on First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 2nd. Citigroup lifted their price target on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Baird R W upgraded First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Keefe, Bruyette & Woods decreased their price objective on First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.41.

First Horizon Trading Down 0.6%

Shares of First Horizon stock traded down $0.12 during midday trading on Friday, reaching $19.99. 744,733 shares of the company's stock traded hands, compared to its average volume of 6,145,934. The stock has a 50 day moving average of $18.57 and a 200-day moving average of $19.89. First Horizon Co. has a 12 month low of $14.09 and a 12 month high of $22.44. The company has a market cap of $10.14 billion, a PE ratio of 14.70, a price-to-earnings-growth ratio of 1.19 and a beta of 0.59. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 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 net margin of 15.38% and a return on equity of 10.10%. During the same period last year, the business posted $0.35 earnings per share. As a group, equities analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.00%. The ex-dividend date is Friday, June 13th. First Horizon's payout ratio is currently 41.67%.

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.