1,050,218 Shares in First Horizon Co. (NYSE:FHN) Purchased by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI bought a new position in First Horizon Co. (NYSE:FHN - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,050,218 shares of the financial services provider's stock, valued at approximately $21,151,000. Zurich Insurance Group Ltd FI owned approximately 0.20% of First Horizon as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in First Horizon by 160.1% in the fourth 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 during the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of First Horizon in the fourth quarter valued at about $304,000. Merit Financial Group LLC purchased a new position in First Horizon during the 4th quarter valued at about $453,000. Smith Group Asset Management LLC bought a new position in First Horizon during the 4th quarter valued at approximately $1,813,000. Finally, Atria Investments Inc purchased a new stake in First Horizon in the 4th quarter worth approximately $442,000. Institutional investors own 80.28% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on FHN shares. 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 report on Tuesday, April 8th. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a research report on Monday, May 12th. Citigroup upped their target price on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Wells Fargo & Company lowered their target price on First Horizon from $22.00 to $20.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Finally, Bank of America upped their price target on First Horizon from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Seven research 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.com, the company has an average rating of "Moderate Buy" and a consensus target price of $22.41.

First Horizon Price Performance

Shares of NYSE FHN traded up $0.02 during mid-day trading on Monday, reaching $19.78. The company's stock had a trading volume of 6,280,892 shares, compared to its average volume of 6,189,955. First Horizon Co. has a 52 week low of $14.09 and a 52 week high of $22.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $10.03 billion, a PE ratio of 14.54, a P/E/G ratio of 1.19 and a beta of 0.59. The stock has a fifty day moving average of $18.51 and a two-hundred day moving average of $19.89.

First Horizon (NYSE:FHN - Get Free Report) last posted its 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. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million during the quarter, compared to analysts' expectations of $825.11 million. During the same period last year, the company posted $0.35 earnings per share. As a group, sell-side analysts anticipate that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The company 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 3.03%. First Horizon's dividend payout ratio (DPR) 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.