First Horizon Co. (NYSE:FHN) is Leeward Investments LLC MA’s 6th Largest Position

Leeward Investments LLC MA raised its position in shares of First Horizon Co. (NYSE:FHN) by 194.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,209,915 shares of the financial services provider’s stock after purchasing an additional 1,460,028 shares during the period. First Horizon accounts for about 1.5% of Leeward Investments LLC MA’s investment portfolio, making the stock its 6th largest position. Leeward Investments LLC MA’s holdings in First Horizon were worth $31,292,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Macroview Investment Management LLC bought a new position in shares of First Horizon in the 3rd quarter valued at approximately $25,000. Byrne Asset Management LLC bought a new position in shares of First Horizon in the 4th quarter valued at approximately $40,000. UMB Bank n.a. raised its stake in shares of First Horizon by 2,308.6% in the 3rd quarter. UMB Bank n.a. now owns 4,504 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 4,317 shares in the last quarter. Covestor Ltd raised its stake in shares of First Horizon by 268.5% in the 3rd quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock valued at $55,000 after acquiring an additional 3,668 shares in the last quarter. Finally, Spire Wealth Management grew its holdings in First Horizon by 57.3% in the 3rd quarter. Spire Wealth Management now owns 5,244 shares of the financial services provider’s stock valued at $58,000 after buying an additional 1,910 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of FHN stock opened at $14.81 on Friday. The stock’s fifty day simple moving average is $14.64 and its 200 day simple moving average is $13.52. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 4.06 and a beta of 0.94. First Horizon Co. has a one year low of $8.99 and a one year high of $17.82.

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

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

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s dividend payout ratio is 41.96%.

Analysts Set New Price Targets

A number of research firms have issued reports on FHN. Barclays began coverage on First Horizon in a report on Friday, March 8th. They issued an “overweight” rating and a $18.00 target price on the stock. Keefe, Bruyette & Woods raised First Horizon from a “market perform” rating to an “outperform” rating and raised their target price for the company from $16.00 to $18.00 in a report on Friday, April 5th. Wedbush reaffirmed an “outperform” rating and issued a $17.00 target price on shares of First Horizon in a report on Wednesday, April 10th. Raymond James raised First Horizon from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $13.00 to $17.00 in a report on Friday, January 5th. Finally, Royal Bank of Canada raised First Horizon from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $16.00 to $18.00 in a report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.15.

First Horizon 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.