CANADA LIFE ASSURANCE Co Increases Holdings in First Horizon Co. (NYSE:FHN)

CANADA LIFE ASSURANCE Co boosted its stake in First Horizon Co. (NYSE:FHN) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 397,212 shares of the financial services provider’s stock after purchasing an additional 5,480 shares during the period. CANADA LIFE ASSURANCE Co owned approximately 0.07% of First Horizon worth $6,120,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Natixis Advisors L.P. lifted its position in First Horizon by 30.2% during the 4th quarter. Natixis Advisors L.P. now owns 278,830 shares of the financial services provider’s stock worth $3,948,000 after acquiring an additional 64,749 shares in the last quarter. Crestline Management LP lifted its position in shares of First Horizon by 100.8% during the fourth quarter. Crestline Management LP now owns 400,000 shares of the financial services provider’s stock worth $5,664,000 after purchasing an additional 200,846 shares in the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of First Horizon in the fourth quarter valued at $1,019,000. Sei Investments Co. boosted its stake in shares of First Horizon by 57.6% in the first quarter. Sei Investments Co. now owns 426,792 shares of the financial services provider’s stock valued at $6,573,000 after purchasing an additional 155,982 shares during the period. Finally, LSV Asset Management grew its holdings in First Horizon by 49.8% during the 1st quarter. LSV Asset Management now owns 13,333,738 shares of the financial services provider’s stock valued at $205,340,000 after purchasing an additional 4,434,929 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

Shares of FHN stock opened at $17.14 on Friday. The company has a market cap of $9.37 billion, a P/E ratio of 11.98, a PEG ratio of 3.41 and a beta of 0.89. The business has a 50 day moving average of $15.61 and a two-hundred day moving average of $14.97. First Horizon Co. has a 52 week low of $10.08 and a 52 week high of $17.46. 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 released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the prior year, the firm earned $0.39 EPS. As a group, analysts anticipate that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.50%. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FHN shares. Raymond James cut shares of 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. JPMorgan Chase & Co. increased their price target on First Horizon from $16.00 to $17.50 and gave the company a “neutral” rating in a report on Thursday, April 4th. Wedbush restated an “outperform” rating and set a $17.00 price objective on shares of First Horizon in a report on Wednesday, April 10th. Evercore ISI reduced their target price on First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target on shares of First Horizon in a research report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.31.

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.