LSV Asset Management Increases Position in First Horizon Co. (NYSE:FHN)

LSV Asset Management grew its position in shares of First Horizon Co. (NYSE:FHN) by 62.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,898,809 shares of the financial services provider’s stock after purchasing an additional 3,411,600 shares during the period. LSV Asset Management’s holdings in First Horizon were worth $126,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of First Horizon by 4.2% during the third quarter. Vanguard Group Inc. now owns 56,775,050 shares of the financial services provider’s stock worth $625,661,000 after acquiring an additional 2,276,977 shares during the period. California Public Employees Retirement System increased its position in shares of First Horizon by 16.0% in the 3rd quarter. California Public Employees Retirement System now owns 994,511 shares of the financial services provider’s stock valued at $10,960,000 after purchasing an additional 137,525 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of First Horizon in the 4th quarter valued at $1,019,000. Louisiana State Employees Retirement System purchased a new stake in shares of First Horizon during the 4th quarter worth $2,222,000. Finally, Qsemble Capital Management LP acquired a new position in shares of First Horizon during the third quarter worth $1,189,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.13 on Friday, reaching $15.80. 11,332,061 shares of the stock were exchanged, 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 PEG ratio of 4.30 and a beta of 0.94. First Horizon Co. has a 1-year low of $8.99 and a 1-year high of $15.96. The business has a fifty day moving average price of $14.76 and a two-hundred day moving average price of $13.69.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million during the quarter, compared to analysts’ expectations of $809.51 million. During the same period last year, the firm earned $0.46 EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, research analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current fiscal 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 given a dividend of $0.15 per share. The ex-dividend date is Friday, June 14th. This represents a $0.60 annualized dividend and a yield of 3.80%. First Horizon’s payout ratio is currently 41.96%.

First Horizon declared that its Board of Directors has initiated a stock repurchase program on Tuesday, January 23rd that permits the company to buyback $650.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

FHN has been the subject of several analyst reports. StockNews.com cut First Horizon from a “hold” rating to a “sell” rating in a research report on Wednesday. Barclays assumed coverage on First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research report on Friday, April 5th. Wells Fargo & Company lifted their price target on First Horizon from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Evercore ISI increased their price objective on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.