Clearbridge Investments LLC grew its stake in shares of First Horizon Co. (NYSE:FHN – Free Report) by 3.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 4,172,873 shares of the financial services provider’s stock after buying an additional 156,020 shares during the period. Clearbridge Investments LLC owned approximately 0.76% of First Horizon worth $64,262,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in FHN. Rise Advisors LLC acquired a new position in First Horizon in the first quarter worth about $25,000. Fidelis Capital Partners LLC acquired a new position in First Horizon in the first quarter worth about $28,000. Fortitude Family Office LLC raised its position in First Horizon by 129.3% in the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 1,102 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in First Horizon in the fourth quarter worth about $28,000. Finally, Richardson Financial Services Inc. acquired a new position in First Horizon in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 80.28% of the company’s stock.
First Horizon Stock Down 1.1 %
FHN traded down $0.18 during trading on Wednesday, reaching $16.36. 5,626,741 shares of the stock were exchanged, compared to its average volume of 6,977,522. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The stock’s 50 day moving average price is $15.57 and its two-hundred day moving average price is $14.93. First Horizon Co. has a twelve month low of $10.08 and a twelve month high of $17.46. The stock has a market cap of $8.95 billion, a P/E ratio of 11.53, a price-to-earnings-growth ratio of 3.29 and a beta of 0.89.
First Horizon Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.60 annualized dividend and a yield of 3.67%. First Horizon’s dividend payout ratio is 41.96%.
Wall Street Analysts Forecast Growth
FHN has been the subject of several recent research reports. Wells Fargo & Company increased their price target on shares of First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Stephens initiated coverage on shares of First Horizon in a report on Thursday, May 23rd. They set an “overweight” rating and a $19.00 price objective for the company. Evercore ISI dropped their price objective on shares of First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a report on Tuesday, June 25th. Barclays upped their price objective on First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Finally, Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a research report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, First Horizon has a consensus rating of “Moderate Buy” and an average target price of $17.31.
Check Out Our Latest Stock Report on First Horizon
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.
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