Geode Capital Management LLC Has $179.47 Million Stake in First Horizon Co. (NYSE:FHN)

Geode Capital Management LLC reduced its stake in shares of First Horizon Co. (NYSE:FHN) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,908,420 shares of the financial services provider’s stock after selling 438,504 shares during the quarter. Geode Capital Management LLC’s holdings in First Horizon were worth $179,473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FHN. Versant Capital Management Inc increased its position in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 884 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $30,000. Kentucky Trust Co bought a new position in shares of First Horizon in the fourth quarter valued at approximately $32,000. Lee Danner & Bass Inc. acquired a new position in shares of First Horizon in the 4th quarter worth approximately $50,000. Finally, Farther Finance Advisors LLC grew its position in First Horizon by 29.9% during the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 591 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

Shares of FHN opened at $16.16 on Monday. The firm has a market capitalization of $8.31 billion, a PE ratio of 11.88, a PEG ratio of 1.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The company’s 50-day moving average is $20.36 and its 200-day moving average is $19.45. First Horizon Co. has a fifty-two week low of $13.72 and a fifty-two week high of $22.44.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Equities analysts forecast that First Horizon Co. will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Friday, March 14th. First Horizon’s dividend payout ratio is 44.12%.

Analysts Set New Price Targets

A number of research firms have commented on FHN. Bank of America boosted their price objective on First Horizon from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Stephens reissued an “overweight” rating and set a $24.00 price target on shares of First Horizon in a research note on Friday, January 17th. Raymond James lowered their price objective on First Horizon from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. lifted their target price on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, UBS Group began coverage on First Horizon in a research note on Tuesday, December 17th. They issued a “buy” rating and a $25.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, First Horizon has an average rating of “Moderate Buy” and a consensus target price of $22.23.

Insiders Place Their Bets

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the transaction, the chief executive officer now owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.87% of the company’s stock.

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.