LSV Asset Management Boosts Holdings in First Horizon Co. (NYSE:FHN)

LSV Asset Management increased its stake in First Horizon Co. (NYSE:FHN) by 5.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,025,838 shares of the financial services provider’s stock after buying an additional 692,100 shares during the period. LSV Asset Management owned about 2.56% of First Horizon worth $221,187,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FHN. Bank of New York Mellon Corp increased its stake in shares of First Horizon by 224.4% in the first quarter. Bank of New York Mellon Corp now owns 28,518,551 shares of the financial services provider’s stock worth $439,186,000 after buying an additional 19,728,357 shares during the last quarter. Norges Bank bought a new stake in shares of First Horizon in the fourth quarter worth $86,487,000. Junto Capital Management LP bought a new stake in shares of First Horizon in the fourth quarter worth $52,721,000. National Bank of Canada FI increased its stake in shares of First Horizon by 499.8% in the first quarter. National Bank of Canada FI now owns 4,009,111 shares of the financial services provider’s stock worth $63,304,000 after buying an additional 3,340,700 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of First Horizon by 667.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,694,300 shares of the financial services provider’s stock worth $26,092,000 after buying an additional 1,473,500 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN stock traded down $0.39 during trading on Friday, hitting $15.34. The company had a trading volume of 4,735,047 shares, compared to its average volume of 6,529,097. The firm has a market capitalization of $8.39 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 3.36 and a beta of 0.88. The business has a 50 day moving average of $15.97 and a 200 day moving average of $15.34. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $17.46. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.01). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the previous year, the company earned $0.39 EPS. As a group, research analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s payout ratio is currently 41.96%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. Evercore ISI decreased 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. Raymond James downgraded shares of First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a report on Thursday, July 18th. Stephens initiated coverage on shares of First Horizon in a report on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 price objective for the company. Barclays lifted their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Finally, StockNews.com raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.31.

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.