Fortitude Family Office LLC Has $30,000 Holdings in First Horizon Co. (NYSE:FHN)

Fortitude Family Office LLC boosted its position in First Horizon Co. (NYSE:FHN) by 129.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,954 shares of the financial services provider’s stock after buying an additional 1,102 shares during the period. Fortitude Family Office LLC’s holdings in First Horizon were worth $30,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of First Horizon by 6,217.8% in the 3rd quarter. AQR Capital Management LLC now owns 7,806,037 shares of the financial services provider’s stock valued at $86,023,000 after buying an additional 7,682,480 shares during the period. Norges Bank acquired a new stake in First Horizon in the fourth quarter valued at approximately $86,487,000. North Reef Capital Management LP increased its holdings in shares of First Horizon by 137.9% during the third quarter. North Reef Capital Management LP now owns 8,900,000 shares of the financial services provider’s stock valued at $98,078,000 after acquiring an additional 5,158,750 shares in the last quarter. Junto Capital Management LP acquired a new position in shares of First Horizon during the fourth quarter worth approximately $52,721,000. Finally, LSV Asset Management lifted its holdings in shares of First Horizon by 62.2% in the 4th quarter. LSV Asset Management now owns 8,898,809 shares of the financial services provider’s stock worth $126,007,000 after purchasing an additional 3,411,600 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wedbush restated an “outperform” rating and set a $17.00 price target on shares of First Horizon in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lifted their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a research note on Thursday, April 4th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $18.00 price objective on shares of First Horizon in a research note on Tuesday, June 11th. Wells Fargo & Company lifted their target price on First Horizon from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Barclays initiated coverage on First Horizon in a research report on Friday, March 8th. They issued an “overweight” rating and a $18.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.62.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.06 on Friday, reaching $14.67. 11,075,355 shares of the company traded hands, compared to its average volume of 5,801,012. The company has a 50 day moving average of $15.23 and a 200 day moving average of $14.61. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $16.28. The firm has a market capitalization of $8.02 billion, a PE ratio of 10.26, a PEG ratio of 1.97 and a beta of 0.91.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. First Horizon had a return on equity of 8.96% and a net margin of 16.07%. The business had revenue of $819.00 million during the quarter, compared to the consensus estimate of $809.51 million. During the same period last year, the business posted $0.46 earnings per share. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. Equities analysts forecast that First Horizon Co. will post 1.5 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Friday, June 14th. First Horizon’s dividend payout ratio (DPR) is currently 41.96%.

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.