First Horizon Co. (NYSE:FHN) Shares Acquired by Azimuth Capital Management LLC

Azimuth Capital Management LLC increased its position in First Horizon Co. (NYSE:FHN) by 24.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 464,080 shares of the financial services provider’s stock after acquiring an additional 91,340 shares during the quarter. Azimuth Capital Management LLC’s holdings in First Horizon were worth $5,922,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FHN. BlackRock Inc. grew its holdings in First Horizon by 57.0% during the 3rd quarter. BlackRock Inc. now owns 53,106,577 shares of the financial services provider’s stock valued at $500,796,000 after buying an additional 19,273,731 shares during the last quarter. State Street Corp grew its holdings in First Horizon by 60.1% during the 3rd quarter. State Street Corp now owns 19,109,272 shares of the financial services provider’s stock valued at $182,822,000 after buying an additional 7,173,674 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in First Horizon by 5.3% during the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 17,732,184 shares of the financial services provider’s stock valued at $167,214,000 after buying an additional 886,758 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in First Horizon by 86.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,308,609 shares of the financial services provider’s stock valued at $150,365,000 after buying an additional 7,547,864 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in First Horizon by 12.9% during the 4th quarter. Bank of New York Mellon Corp now owns 7,441,179 shares of the financial services provider’s stock valued at $94,950,000 after buying an additional 852,699 shares during the last quarter. Institutional investors and hedge funds own 81.93% of the company’s stock.

In related news, COO Anthony J. Restel sold 15,493 shares of the stock in a transaction on Wednesday, December 2nd. The stock was sold at an average price of $12.85, for a total value of $199,085.05. Following the completion of the sale, the chief operating officer now directly owns 372,279 shares in the company, valued at approximately $4,783,785.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Elizabeth A. Ardoin sold 6,274 shares of the stock in a transaction on Friday, December 4th. The shares were sold at an average price of $13.06, for a total value of $81,938.44. Following the completion of the sale, the executive vice president now owns 223,125 shares of the company’s stock, valued at $2,914,012.50. The disclosure for this sale can be found here. Insiders sold a total of 248,690 shares of company stock worth $3,719,730 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

A number of equities research analysts have commented on FHN shares. Morgan Stanley increased their target price on First Horizon from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, January 27th. Zacks Investment Research upgraded First Horizon from a “hold” rating to a “strong-buy” rating and set a $15.00 target price on the stock in a report on Tuesday, December 29th. Raymond James increased their target price on First Horizon from $13.00 to $17.00 and gave the company a “strong-buy” rating in a report on Thursday, January 7th. Finally, TheStreet raised First Horizon from a “c+” rating to a “b-” rating in a research note on Thursday, November 12th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $13.23.

Shares of FHN traded down $0.08 during trading hours on Tuesday, hitting $16.52. The stock had a trading volume of 139,981 shares, compared to its average volume of 6,841,089. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market cap of $9.17 billion, a P/E ratio of 10.85 and a beta of 1.55. The company’s fifty day simple moving average is $14.94 and its 200 day simple moving average is $11.94. First Horizon Co. has a 12-month low of $6.27 and a 12-month high of $16.92.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 21st. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.13. First Horizon had a return on equity of 7.78% and a net margin of 23.18%. During the same period last year, the company posted $0.47 EPS. As a group, sell-side analysts predict that First Horizon Co. will post 0.94 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 1st. Investors of record on Friday, March 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Thursday, March 11th. First Horizon’s dividend payout ratio (DPR) is currently 36.14%.

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 four segments: Regional Banking, Fixed Income, Corporate, and Non-Strategic. It offers general banking services for consumers, businesses, financial institutions, and governments.

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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

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