Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in First Horizon Co. (NYSE:FHN)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in First Horizon Co. (NYSE:FHN - Free Report) by 12.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 129,725 shares of the financial services provider's stock after buying an additional 14,017 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in First Horizon were worth $2,613,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Versant Capital Management Inc lifted its stake in shares of First Horizon by 160.1% in the 4th 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 period. Jones Financial Companies Lllp bought a new position in shares of First Horizon in the 4th quarter worth approximately $30,000. Kentucky Trust Co bought a new position in shares of First Horizon in the 4th quarter worth approximately $32,000. True Wealth Design LLC bought a new position in shares of First Horizon in the 3rd quarter worth approximately $36,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in First Horizon by 335.6% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of FHN stock traded down $0.03 on Thursday, reaching $19.20. The company's stock had a trading volume of 4,232,112 shares, compared to its average volume of 6,008,434. The stock's fifty day simple moving average is $20.85 and its 200-day simple moving average is $19.16. First Horizon Co. has a 1 year low of $13.72 and a 1 year high of $22.44. 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 company has a market capitalization of $10.02 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.19 and a beta of 0.86.

Remove Ads

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 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 last year, the firm earned $0.32 earnings per share. Analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon's payout ratio is 44.12%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FHN. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $22.50 to $23.50 and gave the stock a "neutral" rating in a research note on Friday, January 17th. UBS Group began coverage on shares of First Horizon in a research note on Tuesday, December 17th. They set a "buy" rating and a $25.00 target price on the stock. Barclays raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, December 20th. Citigroup raised their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Keefe, Bruyette & Woods lifted 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. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $22.23.

Insiders Place Their Bets

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction on Wednesday, January 22nd. The shares were 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 of the company's stock, valued at $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.87% of the stock is owned by insiders.

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.