Louisiana State Employees Retirement System Takes Position in First Horizon Co. (NYSE:FHN)

Louisiana State Employees Retirement System purchased a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 156,900 shares of the financial services provider's stock, valued at approximately $2,222,000.

A number of other hedge funds also recently modified their holdings of FHN. Private Advisor Group LLC raised its holdings in First Horizon by 15.6% during the 1st quarter. Private Advisor Group LLC now owns 29,962 shares of the financial services provider's stock worth $704,000 after buying an additional 4,036 shares during the period. Panagora Asset Management Inc. increased its position in shares of First Horizon by 22.9% during the first quarter. Panagora Asset Management Inc. now owns 17,303 shares of the financial services provider's stock worth $406,000 after acquiring an additional 3,224 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of First Horizon by 10.8% during the first quarter. Great West Life Assurance Co. Can now owns 310,733 shares of the financial services provider's stock worth $7,507,000 after acquiring an additional 30,189 shares during the period. Blair William & Co. IL lifted its position in First Horizon by 2.1% in the 1st quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider's stock valued at $666,000 after acquiring an additional 575 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in First Horizon by 3,619.3% in the 1st quarter. Allianz Asset Management GmbH now owns 1,003,120 shares of the financial services provider's stock worth $23,563,000 after purchasing an additional 976,149 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Ratings Changes

FHN has been the topic of several recent research reports. UBS Group raised First Horizon from a "neutral" rating to a "buy" rating and lifted their price target for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. JPMorgan Chase & Co. boosted their target price on First Horizon from $16.00 to $17.50 and gave the company a "neutral" rating in a research note on Thursday, April 4th. Keefe, Bruyette & Woods raised shares of First Horizon from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. StockNews.com downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a report on Wednesday, February 7th. Finally, Raymond James upgraded shares of First Horizon from an "outperform" rating to a "strong-buy" rating and increased their target price for the stock from $13.00 to $17.00 in a report on Friday, January 5th. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $16.00.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.26 during trading on Wednesday, hitting $14.17. 8,737,073 shares of the stock were exchanged, compared to its average volume of 7,200,951. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $14.52 and a 200-day moving average price of $13.34. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 9.26, a price-to-earnings-growth ratio of 3.98 and a beta of 0.94. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $18.99.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a return on equity of 9.94% and a net margin of 17.80%. The business's revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. As a group, equities analysts predict that First Horizon Co. will post 1.45 EPS for the current fiscal year.

First Horizon declared that its board has approved a share buyback program on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Thursday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 39.22%.

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.