5,087,710 Shares in First Horizon Co. (NYSE:FHN) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new position in shares of First Horizon Co. (NYSE:FHN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,087,710 shares of the financial services provider's stock, valued at approximately $102,467,000. Raymond James Financial Inc. owned approximately 0.96% of First Horizon as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of FHN. Versant Capital Management Inc grew its stake in shares of 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 buying an additional 884 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of First Horizon during the 4th quarter valued at $30,000. Kentucky Trust Co bought a new stake in First Horizon during the 4th quarter worth $32,000. Covestor Ltd increased its holdings in First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider's stock worth $34,000 after purchasing an additional 651 shares in the last quarter. Finally, True Wealth Design LLC bought a new position in First Horizon in the third quarter valued at about $36,000. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on FHN. Bank of America boosted their price target on First Horizon from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, January 17th. The Goldman Sachs Group increased their target price on shares of First Horizon from $18.50 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Barclays increased their target price on First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a report on Friday, December 20th. Keefe, Bruyette & Woods increased their price target 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. Finally, Citigroup boosted their price objective on First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and an average target price of $22.23.

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Insider Activity at First Horizon

In other 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 sale, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by company insiders.

First Horizon Trading Up 2.9 %

First Horizon stock traded up $0.54 during trading hours on Wednesday, reaching $18.73. The company had a trading volume of 8,426,156 shares, compared to its average volume of 6,441,288. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 12-month low of $13.72 and a 12-month high of $22.44. The company has a 50-day moving average price of $21.02 and a 200 day moving average price of $19.07. The firm has a market cap of $9.77 billion, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.19 and a beta of 0.86.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results 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 period in the prior year, the business earned $0.32 EPS. Equities analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.15 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.20%. First Horizon's payout ratio is presently 44.12%.

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.