Johnson Investment Counsel Inc. Increases Stock Position in First Horizon Co. (NYSE:FHN)

Johnson Investment Counsel Inc. raised its stake in shares of First Horizon Co. (NYSE:FHN - Free Report) by 2.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,661,592 shares of the financial services provider's stock after purchasing an additional 72,339 shares during the period. Johnson Investment Counsel Inc. owned approximately 0.50% of First Horizon worth $53,604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in shares of First Horizon by 26.2% during the fourth quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider's stock valued at $747,822,000 after buying an additional 7,715,191 shares during the last quarter. State Street Corp lifted its stake in First Horizon by 18.6% during the 3rd quarter. State Street Corp now owns 26,236,784 shares of the financial services provider's stock valued at $410,789,000 after acquiring an additional 4,116,486 shares in the last quarter. Geode Capital Management LLC boosted its holdings in First Horizon by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,346,924 shares of the financial services provider's stock worth $145,194,000 after acquiring an additional 61,397 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of First Horizon in the 4th quarter worth $102,467,000. Finally, Amundi grew its stake in shares of First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider's stock worth $77,104,000 after acquiring an additional 2,683,746 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

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First Horizon Stock Performance

Shares of NYSE FHN traded down $0.27 during midday trading on Thursday, hitting $18.47. The company's stock had a trading volume of 6,455,629 shares, compared to its average volume of 6,477,861. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 13.58, a P/E/G ratio of 1.19 and a beta of 0.86. 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 fifty day moving average price of $21.00 and a 200 day moving average price of $19.07. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 previous year, the business posted $0.32 EPS. On average, research analysts forecast that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.25%. First Horizon's dividend payout ratio (DPR) is 44.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FHN shares. Barclays upped their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, December 20th. Stephens reaffirmed an "overweight" rating and issued a $24.00 target price on shares of First Horizon in a report on Friday, January 17th. Wells Fargo & Company lifted their price target on First Horizon from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. 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 report on Friday, January 17th. Finally, Keefe, Bruyette & Woods raised their target price on First Horizon from $23.00 to $24.00 and gave the company a "market perform" rating in a research report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, First Horizon currently has a consensus rating of "Moderate Buy" and an average target price of $22.23.

Insider Buying and Selling

In other news, CEO D Bryan Jordan sold 109,980 shares of the company's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.87% of the stock is currently owned by insiders.

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.