First Horizon Co. (NYSE:FHN) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System raised its position in First Horizon Co. (NYSE:FHN) by 2.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,256 shares of the financial services provider’s stock after purchasing an additional 3,200 shares during the quarter. State of Michigan Retirement System’s holdings in First Horizon were worth $2,114,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Rise Advisors LLC acquired a new stake in First Horizon in the 1st quarter valued at approximately $25,000. Raleigh Capital Management Inc. bought a new position in shares of First Horizon in the fourth quarter worth $28,000. Fortitude Family Office LLC increased its holdings in shares of First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,102 shares during the period. Richardson Financial Services Inc. bought a new stake in shares of First Horizon during the fourth quarter valued at about $35,000. Finally, Byrne Asset Management LLC acquired a new stake in First Horizon in the fourth quarter worth about $40,000. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on FHN shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $18.00 target price on shares of First Horizon in a research note on Tuesday, June 11th. Evercore ISI dropped their target price on First Horizon from $18.50 to $17.50 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Thursday. Wedbush reiterated an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research report on Wednesday, April 10th. Finally, Jefferies Financial Group upped their price objective on First Horizon from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday. Four 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.15.

First Horizon Stock Performance

First Horizon stock opened at $15.52 on Friday. First Horizon Co. has a fifty-two week low of $10.08 and a fifty-two week high of $16.28. The firm’s 50 day simple moving average is $15.38 and its 200-day simple moving average is $14.72. 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 company has a market cap of $8.49 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 2.12 and a beta of 0.89.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share 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 analysts’ expectations of $809.51 million. During the same period in the previous year, the company posted $0.46 EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts predict that First Horizon Co. will post 1.51 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.87%. The ex-dividend date was Friday, June 14th. First Horizon’s dividend payout ratio is currently 41.96%.

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.