KLP Kapitalforvaltning AS Takes $2.55 Million Position in First Horizon Co. (NYSE:FHN)

KLP Kapitalforvaltning AS purchased a new position in First Horizon Co. (NYSE:FHN) in the fourth quarter, Holdings Channel.com reports. The fund purchased 125,800 shares of the financial services provider’s stock, valued at approximately $2,549,000.

Several other large investors have also added to or reduced their stakes in FHN. Steward Partners Investment Advisory LLC lifted its position in shares of First Horizon by 3.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 15,731 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 571 shares during the period. Farther Finance Advisors LLC raised its stake in First Horizon by 29.9% in the fourth quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider’s stock worth $52,000 after buying an additional 591 shares in the last quarter. Independent Advisor Alliance lifted its holdings in First Horizon by 1.1% in the fourth quarter. Independent Advisor Alliance now owns 57,730 shares of the financial services provider’s stock worth $1,163,000 after buying an additional 632 shares during the period. Access Investment Management LLC boosted its position in First Horizon by 0.8% during the 4th quarter. Access Investment Management LLC now owns 88,490 shares of the financial services provider’s stock valued at $1,782,000 after acquiring an additional 675 shares in the last quarter. Finally, CreativeOne Wealth LLC grew its holdings in shares of First Horizon by 7.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 11,665 shares of the financial services provider’s stock worth $181,000 after acquiring an additional 773 shares during the period. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN opened at $19.60 on Thursday. The company has a market cap of $10.07 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 1.19 and a beta of 0.86. The business’s fifty day simple moving average is $20.73 and its two-hundred day simple moving average is $19.28. First Horizon Co. has a 12 month low of $13.72 and a 12 month high of $22.44. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

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, beating 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 quarter in the previous year, the firm earned $0.32 EPS. Research analysts anticipate that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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 issued a dividend of $0.15 per share. The ex-dividend date is Friday, March 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.06%. First Horizon’s payout ratio is 44.12%.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the business’s 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 directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research analyst reports. Stephens restated an “overweight” rating and issued a $24.00 target price on shares of First Horizon in a research note on Friday, January 17th. UBS Group assumed coverage on First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Barclays upped their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Keefe, Bruyette & Woods increased their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, December 19th. Finally, Citigroup boosted their price objective on shares of First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Seven 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, the company currently has an average rating of “Moderate Buy” and an average price target of $22.23.

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.