Access Investment Management LLC Buys New Shares in First Horizon Co. (NYSE:FHN)

Access Investment Management LLC acquired a new position in First Horizon Co. (NYSE:FHN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 86,840 shares of the financial services provider's stock, valued at approximately $1,230,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FHN. Stratos Wealth Partners LTD. bought a new position in First Horizon in the 3rd quarter worth $113,000. New York State Teachers Retirement System raised its stake in shares of First Horizon by 8.8% during the third quarter. New York State Teachers Retirement System now owns 640,439 shares of the financial services provider's stock worth $7,058,000 after buying an additional 51,979 shares during the last quarter. Mackenzie Financial Corp lifted its stake in First Horizon by 27.9% in the third quarter. Mackenzie Financial Corp now owns 484,192 shares of the financial services provider's stock valued at $5,021,000 after buying an additional 105,620 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of First Horizon by 721.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 110,607 shares of the financial services provider's stock valued at $1,219,000 after buying an additional 97,144 shares during the period. Finally, Advisor Partners II LLC raised its holdings in First Horizon by 120.6% during the 3rd quarter. Advisor Partners II LLC now owns 38,344 shares of the financial services provider's stock worth $423,000 after buying an additional 20,966 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

Shares of FHN traded down $0.09 during mid-day trading on Friday, hitting $15.79. 4,962,110 shares of the company's stock were exchanged, compared to its average volume of 6,963,462. 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 business's 50 day moving average is $14.94 and its two-hundred day moving average is $13.88. The firm has a market capitalization of $8.64 billion, a P/E ratio of 11.04, a P/E/G ratio of 4.36 and a beta of 0.94. First Horizon Co. has a fifty-two week low of $9.48 and a fifty-two week high of $16.01.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business had revenue of $819.00 million for the quarter, compared to analyst estimates of $809.51 million. During the same period in the prior year, the firm posted $0.46 EPS. The company's revenue was down 4.7% on a year-over-year basis. On average, equities analysts expect that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon's payout ratio is 41.96%.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods raised First Horizon from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $16.00 to $18.00 in a report on Friday, April 5th. JPMorgan Chase & Co. increased their target price on shares of First Horizon from $16.00 to $17.50 and gave the stock a "neutral" rating in a research note on Thursday, April 4th. Wedbush reissued an "outperform" rating and issued a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. StockNews.com cut First Horizon from a "hold" rating to a "sell" rating in a research note on Wednesday, May 1st. Finally, UBS Group upgraded 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 report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $16.15.

First Horizon Company 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.