Factorial Partners LLC Buys 50,000 Shares of First Horizon Co. (NYSE:FHN)

Factorial Partners LLC boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 43.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,000 shares of the financial services provider’s stock after purchasing an additional 50,000 shares during the quarter. First Horizon accounts for approximately 1.6% of Factorial Partners LLC’s holdings, making the stock its 28th biggest position. Factorial Partners LLC’s holdings in First Horizon were worth $2,618,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Texas Permanent School Fund Corp lifted its position in shares of First Horizon by 20.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 589,621 shares of the financial services provider’s stock worth $9,298,000 after acquiring an additional 100,592 shares during the period. United Services Automobile Association raised its stake in shares of First Horizon by 7.6% in the second quarter. United Services Automobile Association now owns 44,062 shares of the financial services provider’s stock valued at $695,000 after purchasing an additional 3,126 shares in the last quarter. Choreo LLC bought a new position in First Horizon in the second quarter worth $791,000. Prudential PLC acquired a new stake in First Horizon during the second quarter worth $7,627,000. Finally, Quest Partners LLC increased its holdings in First Horizon by 472.0% in the 2nd quarter. Quest Partners LLC now owns 68,940 shares of the financial services provider’s stock valued at $1,087,000 after buying an additional 56,888 shares during the period. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FHN shares. Royal Bank of Canada raised their price objective on shares of First Horizon from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective on shares of First Horizon in a report on Tuesday, August 6th. StockNews.com upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Jefferies Financial Group raised their target price on First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price target on the stock. in a research report on Thursday, July 18th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.31.

First Horizon Trading Down 1.4 %

FHN opened at $15.49 on Wednesday. First Horizon Co. has a 1-year low of $10.08 and a 1-year high of $17.46. The stock has a market capitalization of $8.47 billion, a PE ratio of 10.83, a PEG ratio of 3.11 and a beta of 0.88. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $15.96 and a two-hundred day moving average price of $15.37.

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

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Friday, September 13th. First Horizon’s dividend 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.