Los Angeles Capital Management LLC Buys 422,342 Shares of First Horizon Co. (NYSE:FHN)

Los Angeles Capital Management LLC boosted its position in shares of First Horizon Co. (NYSE:FHN - Free Report) by 659.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 486,377 shares of the financial services provider's stock after purchasing an additional 422,342 shares during the quarter. Los Angeles Capital Management LLC owned 0.09% of First Horizon worth $6,887,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of FHN. Macroview Investment Management LLC acquired a new position in shares of First Horizon during the third quarter worth about $25,000. Byrne Asset Management LLC acquired a new position in First Horizon during the fourth quarter worth $40,000. Headlands Technologies LLC bought a new stake in shares of First Horizon in the 4th quarter valued at about $56,000. Fifth Third Bancorp lifted its position in shares of First Horizon by 59.7% in the fourth quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider's stock valued at $68,000 after buying an additional 1,797 shares during the last quarter. Finally, GAMMA Investing LLC bought a new position in First Horizon during the fourth quarter worth $71,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent research reports. StockNews.com cut First Horizon from a "hold" rating to a "sell" rating in a research report on Wednesday. Evercore ISI upped their price objective on shares of First Horizon from $17.00 to $17.50 and gave the stock an "outperform" rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods upgraded shares of First Horizon from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. Barclays assumed coverage on shares of First Horizon in a research report on Friday, March 8th. They issued an "overweight" rating and a $18.00 target price for the company. Finally, Robert W. Baird increased their target price on shares of First Horizon from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $16.15.

First Horizon Trading Up 0.8 %

Shares of FHN stock traded up $0.13 during mid-day trading on Friday, reaching $15.80. The stock had a trading volume of 11,332,061 shares, compared to its average volume of 6,290,913. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.77 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94. The stock's 50-day moving average price is $14.76 and its two-hundred day moving average price is $13.71. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $15.96.

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 (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The company had revenue of $819.00 million for the quarter, compared to analysts' expectations of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. First Horizon's quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 earnings per share. Equities analysts expect that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.80%. The ex-dividend date is Friday, June 14th. First Horizon's payout ratio is currently 41.96%.

First Horizon announced that its Board of Directors has initiated a share repurchase plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

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.