City Center Advisors LLC Buys Shares of 14,119 First Horizon Co. (NYSE:FHN)

City Center Advisors LLC bought a new stake in First Horizon Co. (NYSE:FHN) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 14,119 shares of the financial services provider’s stock, valued at approximately $219,000.

A number of other large investors have also recently modified their holdings of the business. Millennium Management LLC boosted its holdings in shares of First Horizon by 46.5% during the 2nd quarter. Millennium Management LLC now owns 14,370,699 shares of the financial services provider’s stock valued at $226,626,000 after acquiring an additional 4,558,129 shares in the last quarter. LSV Asset Management boosted its holdings in shares of First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after acquiring an additional 4,434,929 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of First Horizon during the 2nd quarter valued at $66,779,000. Bank of New York Mellon Corp boosted its holdings in shares of First Horizon by 13.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,389,497 shares of the financial services provider’s stock valued at $510,782,000 after acquiring an additional 3,870,946 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of First Horizon by 28.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 15,515,494 shares of the financial services provider’s stock valued at $244,647,000 after acquiring an additional 3,470,346 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of several recent research reports. Jefferies Financial Group lifted their target price on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 target price on shares of First Horizon in a report on Tuesday, August 6th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $18.00 target price on shares of First Horizon in a report on Wednesday, July 17th. Royal Bank of Canada lifted their target price on First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Finally, Wedbush lowered First Horizon from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Moderate Buy” and an average price target of $17.35.

First Horizon Stock Performance

Shares of First Horizon stock opened at $15.46 on Wednesday. First Horizon Co. has a one year low of $10.16 and a one year high of $17.46. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 3.17 and a beta of 0.88. The business has a 50-day simple moving average of $15.65 and a 200 day simple moving average of $15.49. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.95 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. During the same period in the previous year, the firm earned $0.39 earnings per share. On average, research analysts anticipate that First Horizon Co. will post 1.46 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date was Friday, September 13th. First Horizon’s payout ratio is 41.96%.

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.