KLP Kapitalforvaltning AS Acquires New Position in First Horizon Co. (NYSE:FHN)

KLP Kapitalforvaltning AS bought a new position in shares of First Horizon Co. (NYSE:FHN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 125,800 shares of the financial services provider’s stock, valued at approximately $2,549,000.

Other large investors have also recently modified their holdings of the company. Citigroup Inc. boosted its holdings in First Horizon by 43.0% in the 3rd quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after buying an additional 285,108 shares during the period. Cerity Partners LLC grew its position in shares of First Horizon by 44.9% in the third quarter. Cerity Partners LLC now owns 114,529 shares of the financial services provider’s stock valued at $1,779,000 after purchasing an additional 35,479 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of First Horizon by 18.5% during the 3rd quarter. Fisher Asset Management LLC now owns 242,684 shares of the financial services provider’s stock valued at $3,769,000 after purchasing an additional 37,939 shares during the period. Independent Advisor Alliance lifted its holdings in First Horizon by 3.9% during the 3rd quarter. Independent Advisor Alliance now owns 57,098 shares of the financial services provider’s stock worth $887,000 after purchasing an additional 2,157 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in First Horizon in the 3rd quarter worth about $92,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FHN shares. Wells Fargo & Company raised their price objective on shares of First Horizon from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Friday, January 17th. Stephens reaffirmed an “overweight” rating and issued a $24.00 price target on shares of First Horizon in a report on Friday, January 17th. Citigroup lifted their price objective on First Horizon from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Royal Bank of Canada upped their target price on First Horizon from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.23.

First Horizon Price Performance

Shares of NYSE:FHN opened at $19.60 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. The stock has a market cap of $10.07 billion, a PE ratio of 14.41, a PEG ratio of 1.19 and a beta of 0.86. The company’s fifty day moving average is $20.73 and its 200 day moving average is $19.28. First Horizon Co. has a 52 week low of $13.72 and a 52 week high of $22.44.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. First Horizon had a return on equity of 10.10% and a net margin of 15.38%. During the same period in the prior year, the company earned $0.32 EPS. Research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

Insider Transactions at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the sale, the chief executive officer now owns 1,861,381 shares of the company’s stock, valued at $39,330,980.53. This represents a 5.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.87% of the company’s stock.

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.