6,441,083 Shares in First Horizon Corporation $FHN Purchased by Norges Bank

Norges Bank purchased a new position in shares of First Horizon Corporation (NYSE:FHN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,441,083 shares of the financial services provider’s stock, valued at approximately $153,942,000. Norges Bank owned 1.31% of First Horizon as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of FHN. Artemis Investment Management LLP bought a new position in First Horizon during the fourth quarter worth about $90,319,000. Jupiter Asset Management Ltd. bought a new position in First Horizon during the third quarter worth about $49,180,000. Barclays PLC grew its holdings in First Horizon by 370.5% during the third quarter. Barclays PLC now owns 2,216,410 shares of the financial services provider’s stock worth $50,113,000 after purchasing an additional 1,745,296 shares during the period. Qube Research & Technologies Ltd grew its holdings in First Horizon by 419.7% during the third quarter. Qube Research & Technologies Ltd now owns 1,989,925 shares of the financial services provider’s stock worth $44,992,000 after purchasing an additional 1,607,028 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in First Horizon by 38.7% during the third quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider’s stock worth $118,020,000 after purchasing an additional 1,456,820 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 1.4%

Shares of NYSE:FHN opened at $23.67 on Thursday. First Horizon Corporation has a 12-month low of $19.03 and a 12-month high of $26.56. The stock has a market cap of $11.23 billion, a PE ratio of 11.83, a P/E/G ratio of 0.94 and a beta of 0.60. The business has a 50 day moving average of $23.92 and a 200-day moving average of $23.76. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The company had revenue of $865.00 million during the quarter, compared to analysts’ expectations of $869.49 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, June 12th. First Horizon’s payout ratio is presently 34.00%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FHN shares. JPMorgan Chase & Co. reduced their price target on First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday. Autonomous Res cut First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. UBS Group cut First Horizon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. Finally, Wells Fargo & Company boosted their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $26.45.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.