Norges Bank Makes New Investment in First Horizon Co. (NYSE:FHN)

Norges Bank acquired a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 6,574,900 shares of the financial services provider's stock, valued at approximately $132,418,000. Norges Bank owned about 1.24% of First Horizon as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Versant Capital Management Inc grew its position in First Horizon by 160.1% during the fourth quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 884 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of First Horizon during the 4th quarter worth about $30,000. Kentucky Trust Co acquired a new stake in First Horizon during the 4th quarter worth approximately $32,000. True Wealth Design LLC purchased a new position in First Horizon in the third quarter valued at approximately $36,000. Finally, Lee Danner & Bass Inc. acquired a new position in First Horizon during the fourth quarter valued at approximately $50,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total value of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.87% of the company's stock.

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First Horizon Stock Down 6.1 %

NYSE FHN traded down $1.06 on Friday, hitting $16.16. 11,098,975 shares of the stock traded hands, compared to its average volume of 6,232,609. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average of $20.36 and a 200 day moving average of $19.42. First Horizon Co. has a twelve month low of $13.72 and a twelve month high of $22.44. The company has a market capitalization of $8.31 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same quarter last year, the company posted $0.32 EPS. As a group, analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

Wall Street Analyst Weigh In

FHN has been the subject of several recent research reports. StockNews.com lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Monday, March 31st. UBS Group initiated coverage on First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 price objective on the stock. Royal Bank of Canada increased their target price on First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. Citigroup boosted their price target on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $22.23.

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.