Federated Hermes Inc. Buys 1,405,873 Shares of First Horizon Co. (NYSE:FHN)

Federated Hermes Inc. raised its position in First Horizon Co. (NYSE:FHN - Free Report) by 1,588.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,494,376 shares of the financial services provider's stock after acquiring an additional 1,405,873 shares during the period. Federated Hermes Inc. owned about 0.27% of First Horizon worth $21,160,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in FHN. Allen Capital Group LLC bought a new stake in shares of First Horizon in the 4th quarter valued at approximately $168,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of First Horizon by 5.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 120,193 shares of the financial services provider's stock valued at $1,702,000 after purchasing an additional 6,597 shares during the period. Cullen Investment Group LTD. bought a new stake in shares of First Horizon in the 4th quarter valued at approximately $363,000. Phocas Financial Corp. grew its stake in shares of First Horizon by 1.8% in the 4th quarter. Phocas Financial Corp. now owns 410,501 shares of the financial services provider's stock valued at $5,813,000 after purchasing an additional 7,097 shares during the period. Finally, Lecap Asset Management Ltd. bought a new stake in shares of First Horizon in the 4th quarter valued at approximately $1,019,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FHN. Robert W. Baird upped their price objective on First Horizon from $15.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday. Wedbush restated an "outperform" rating and set a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. Wells Fargo & Company increased their price target on First Horizon from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. increased their price target on First Horizon from $16.00 to $17.50 and gave the stock a "neutral" rating in a research report on Thursday, April 4th. Finally, Barclays started coverage on First Horizon in a research report on Friday, March 8th. They set an "overweight" rating and a $18.00 price target on the stock. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.15.

First Horizon Trading Up 1.9 %

Shares of FHN stock traded up $0.28 during trading hours on Monday, reaching $14.92. The company had a trading volume of 4,485,782 shares, compared to its average volume of 7,119,630. The company has a 50 day moving average of $14.55 and a 200 day moving average of $13.41. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 4.03 and a beta of 0.94. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $18.52.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The company 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 8.96% and a net margin of 16.07%. The firm's quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 EPS. On average, equities research analysts anticipate that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend was Thursday, March 14th. First Horizon's payout ratio is presently 41.96%.

First Horizon announced that its Board of Directors has approved a stock buyback program on Tuesday, January 23rd that allows the company to buyback $650.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

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.