KLP Kapitalforvaltning AS Invests $2.55 Million in First Horizon Co. (NYSE:FHN)

KLP Kapitalforvaltning AS acquired a new stake in shares of First Horizon Co. (NYSE:FHN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 125,800 shares of the financial services provider's stock, valued at approximately $2,549,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its stake 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 worth $29,000 after purchasing an additional 884 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of First Horizon during the fourth quarter worth approximately $30,000. Kentucky Trust Co bought a new stake in shares of First Horizon in the 4th quarter worth approximately $32,000. True Wealth Design LLC purchased a new stake in shares of First Horizon in the 3rd quarter valued at $36,000. Finally, Lee Danner & Bass Inc. purchased a new position in First Horizon in the 4th quarter worth $50,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FHN has been the topic of several analyst reports. Citigroup lifted their price objective on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $22.50 to $23.50 and gave the company a "neutral" rating in a research report on Friday, January 17th. Bank of America raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, January 17th. UBS Group began coverage on shares of First Horizon in a report on Tuesday, December 17th. They set a "buy" rating and a $25.00 price target for the company. Finally, Royal Bank of Canada upped their price objective on shares of First Horizon from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.23.

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First Horizon Stock Down 0.2 %

Shares of FHN stock traded down $0.05 during mid-day trading on Friday, reaching $19.24. 5,246,993 shares of the company's stock traded hands, compared to its average volume of 6,198,325. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The company's 50-day moving average price is $20.65 and its 200-day moving average price is $19.36. The company has a market cap of $9.89 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 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 last year, the company earned $0.32 EPS. On average, equities analysts expect that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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 given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Friday, March 14th. First Horizon's dividend payout ratio (DPR) is presently 44.12%.

Insider Buying and Selling at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of the firm's stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at $39,330,980.53. This trade represents a 5.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by company 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.