Dimensional Fund Advisors LP Acquires 3,470,346 Shares of First Horizon Co. (NYSE:FHN)

Dimensional Fund Advisors LP grew its stake in First Horizon Co. (NYSE:FHN) by 28.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,515,494 shares of the financial services provider’s stock after purchasing an additional 3,470,346 shares during the period. Dimensional Fund Advisors LP owned approximately 2.84% of First Horizon worth $244,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of FHN. Janney Montgomery Scott LLC grew its position in First Horizon by 3.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 52,229 shares of the financial services provider’s stock valued at $740,000 after acquiring an additional 1,874 shares during the period. Norges Bank bought a new stake in shares of First Horizon in the 4th quarter worth about $86,487,000. Clearbridge Investments LLC lifted its holdings in First Horizon by 3.2% during the 4th quarter. Clearbridge Investments LLC now owns 4,016,853 shares of the financial services provider’s stock valued at $56,879,000 after purchasing an additional 122,834 shares during the last quarter. Quest Partners LLC acquired a new position in First Horizon in the fourth quarter valued at about $306,000. Finally, WBI Investments LLC acquired a new position in First Horizon in the fourth quarter valued at about $1,079,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

Shares of First Horizon stock opened at $15.76 on Thursday. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 3.09 and a beta of 0.88. The firm has a fifty day moving average of $15.99 and a two-hundred day moving average of $15.43.

First Horizon (NYSE:FHN) last released its quarterly earnings data 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 company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $819.82 million. During the same quarter in the prior year, the company posted $0.39 EPS. As a group, equities research analysts predict that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a yield of 3.81%. First Horizon’s payout ratio is 41.96%.

Analyst Ratings Changes

FHN has been the subject of a number of research analyst reports. Evercore ISI cut their target price on shares of First Horizon from $19.50 to $18.50 and set an “outperform” rating for the company in a research note on Tuesday. Stephens began coverage on First Horizon in a research note on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 price objective on the stock. Raymond James lowered First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price for the company. in a research note on Thursday, July 18th. Jefferies Financial Group upped their price target on shares of First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Barclays raised their price objective on shares of First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, June 24th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and an average price target of $17.38.

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.