Norges Bank Takes $132.42 Million Position in First Horizon Co. (NYSE:FHN)

Norges Bank acquired a new stake in First Horizon Co. (NYSE:FHN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,574,900 shares of the financial services provider’s stock, valued at approximately $132,418,000.

Several other hedge funds also recently added to or reduced their stakes in FHN. Versant Capital Management Inc lifted its stake in shares of First Horizon by 160.1% in the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 884 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in First Horizon in the fourth quarter valued at about $30,000. Kentucky Trust Co purchased a new position in First Horizon during the fourth quarter worth about $32,000. True Wealth Design LLC acquired a new stake in shares of First Horizon during the third quarter valued at about $36,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of First Horizon in the 4th quarter valued at approximately $50,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on FHN. UBS Group began coverage on shares of First Horizon in a research report on Tuesday, December 17th. They set a “buy” rating and a $25.00 price objective for the company. Stephens reiterated an “overweight” rating and issued a $24.00 price objective on shares of First Horizon in a report on Friday, January 17th. JPMorgan Chase & Co. lifted their target price on First Horizon from $22.50 to $23.50 and gave the company a “neutral” rating in a research report on Friday, January 17th. StockNews.com lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Bank of America lifted their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, First Horizon currently has a consensus rating of “Moderate Buy” and an average target price of $22.23.

Insider Activity at First Horizon

In other news, CEO D Bryan Jordan sold 109,980 shares of First Horizon stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the sale, the chief executive officer now owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. The trade was a 5.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.87% of the stock is owned by corporate insiders.

First Horizon Stock Up 1.0 %

First Horizon stock opened at $19.42 on Tuesday. The stock’s fifty day moving average is $20.60 and its two-hundred day moving average is $19.39. The stock has a market cap of $9.99 billion, a PE ratio of 14.28, a P/E/G ratio of 1.19 and a beta of 0.86. First Horizon Co. has a 1-year low of $13.72 and a 1-year high of $22.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.43 earnings per share 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 quarter in the previous year, the business earned $0.32 earnings per share. On average, sell-side analysts expect that First Horizon Co. will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.60 annualized dividend and a yield of 3.09%. First Horizon’s dividend payout ratio is currently 44.12%.

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.