First Horizon Co. (NYSE:FHN) Holdings Boosted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in First Horizon Co. (NYSE:FHN) by 5.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,193 shares of the financial services provider’s stock after purchasing an additional 6,597 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Horizon were worth $1,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Cullen Investment Group LTD. acquired a new position in First Horizon during the fourth quarter valued at $363,000. Phocas Financial Corp. increased its holdings in shares of First Horizon by 1.8% in the 4th quarter. Phocas Financial Corp. now owns 410,501 shares of the financial services provider’s stock valued at $5,813,000 after purchasing an additional 7,097 shares during the period. Lecap Asset Management Ltd. purchased a new stake in shares of First Horizon in the fourth quarter worth approximately $1,019,000. Louisiana State Employees Retirement System acquired a new stake in shares of First Horizon during the fourth quarter worth approximately $2,222,000. Finally, Aquila Investment Management LLC purchased a new position in First Horizon during the fourth quarter valued at approximately $991,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on FHN. Barclays initiated coverage on shares of First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price for the company. Evercore ISI lifted their price objective on First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research report on Thursday, March 28th. UBS Group upgraded First Horizon from a “neutral” rating to a “buy” rating and boosted their target price for the company from $15.50 to $16.00 in a research note on Wednesday, January 24th. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Finally, Robert W. Baird boosted their price target on First Horizon from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, April 18th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.15.

First Horizon Trading Up 0.3 %

Shares of FHN stock opened at $14.93 on Thursday. First Horizon Co. has a 12 month low of $8.99 and a 12 month high of $18.29. The company has a market cap of $8.28 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 4.10 and a beta of 0.94. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $14.61 and its two-hundred day moving average is $13.48.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The firm had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. During the same quarter last year, the firm posted $0.46 EPS. The business’s quarterly revenue was down 4.7% on a year-over-year basis. Equities analysts predict that First Horizon Co. will post 1.5 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.02%. First Horizon’s dividend payout ratio is currently 41.96%.

First Horizon declared that its board has approved a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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.