Proficio Capital Partners LLC Makes New $2.59 Million Investment in First Horizon Co. (NYSE:FHN)

Proficio Capital Partners LLC bought a new stake in shares of First Horizon Co. (NYSE:FHN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 128,559 shares of the financial services provider's stock, valued at approximately $2,589,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FHN. State of Alaska Department of Revenue grew its position in shares of First Horizon by 2.7% in the third quarter. State of Alaska Department of Revenue now owns 62,253 shares of the financial services provider's stock valued at $966,000 after purchasing an additional 1,625 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in shares of First Horizon by 127.1% in the third quarter. Harbor Capital Advisors Inc. now owns 105,866 shares of the financial services provider's stock valued at $1,644,000 after purchasing an additional 59,258 shares during the last quarter. Radnor Capital Management LLC acquired a new stake in shares of First Horizon in the third quarter valued at about $587,000. Concurrent Investment Advisors LLC acquired a new stake in shares of First Horizon in the third quarter valued at about $174,000. Finally, M&G PLC grew its position in shares of First Horizon by 2.9% in the third quarter. M&G PLC now owns 618,728 shares of the financial services provider's stock valued at $9,900,000 after purchasing an additional 17,711 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of NYSE:FHN traded down $0.31 during trading on Friday, reaching $18.93. The stock had a trading volume of 13,170,122 shares, compared to its average volume of 6,104,439. First Horizon Co. has a 52 week low of $13.72 and a 52 week high of $22.44. The business's 50-day moving average price is $21.11 and its 200 day moving average price is $19.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $9.87 billion, a PE ratio of 13.92, a P/E/G ratio of 1.19 and a beta of 0.86.

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First Horizon (NYSE:FHN - Get Free Report) last posted 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 period in the previous year, the company earned $0.32 earnings per share. As a group, equities analysts predict that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's dividend payout ratio (DPR) is currently 44.12%.

Insider Activity

In related news, CEO D Bryan Jordan sold 109,980 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The shares were 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 owns 1,861,381 shares in the company, valued at $39,330,980.53. The trade was a 5.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. UBS Group assumed coverage on First Horizon in a research report on Tuesday, December 17th. They issued a "buy" rating and a $25.00 price target on the stock. Stephens reissued an "overweight" rating and set a $24.00 target price on shares of First Horizon in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on First Horizon from $23.00 to $24.00 and gave the stock a "market perform" rating in a research report on Thursday, December 19th. Citigroup lifted their target price 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, Barclays lifted their target price on First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, December 20th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.23.

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.