Jupiter Asset Management Ltd. Acquires Shares of 4,234,548 First Horizon Co. (NYSE:FHN)

Jupiter Asset Management Ltd. bought a new position in shares of First Horizon Co. (NYSE:FHN) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,234,548 shares of the financial services provider’s stock, valued at approximately $66,779,000. Jupiter Asset Management Ltd. owned approximately 0.77% of First Horizon as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in First Horizon by 1.1% during the first quarter. Vanguard Group Inc. now owns 57,574,002 shares of the financial services provider’s stock worth $886,640,000 after buying an additional 627,730 shares in the last quarter. Bank of New York Mellon Corp raised its position in First Horizon by 13.6% during the second 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 purchasing an additional 3,870,946 shares in the last quarter. LSV Asset Management lifted its stake in First Horizon by 5.2% during the second quarter. LSV Asset Management now owns 14,025,838 shares of the financial services provider’s stock worth $221,187,000 after purchasing an additional 692,100 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of First Horizon by 10.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,641,140 shares of the financial services provider’s stock valued at $136,526,000 after purchasing an additional 883,503 shares in the last quarter. Finally, Norges Bank bought a new position in shares of First Horizon in the 4th quarter valued at $86,487,000. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on FHN shares. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, July 18th. Royal Bank of Canada raised their price target on shares of First Horizon from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Jefferies Financial Group upped their price objective 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. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a research report on Tuesday, August 6th. Finally, StockNews.com upgraded shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, July 20th. Five research 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.31.

First Horizon Stock Down 1.5 %

Shares of NYSE:FHN opened at $15.26 on Thursday. The business has a fifty day simple moving average of $15.96 and a 200 day simple moving average of $15.37. First Horizon Co. has a 12-month low of $10.08 and a 12-month high of $17.46. The firm has a market cap of $8.34 billion, a P/E ratio of 10.67, a P/E/G ratio of 3.11 and a beta of 0.88. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted 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). The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. First Horizon had a return on equity of 8.84% and a net margin of 14.03%. During the same period in the prior year, the firm earned $0.39 earnings per share. Analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Friday, September 13th. First Horizon’s dividend payout ratio is 41.96%.

First Horizon Company 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.