AlphaQuest LLC Has $1.26 Million Holdings in First Horizon Co. (NYSE:FHN)

AlphaQuest LLC lessened its stake in First Horizon Co. (NYSE:FHN) by 61.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,433 shares of the financial services provider’s stock after selling 98,613 shares during the quarter. AlphaQuest LLC’s holdings in First Horizon were worth $1,257,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Citigroup Inc. raised its stake in First Horizon by 43.0% during the third quarter. Citigroup Inc. now owns 948,122 shares of the financial services provider’s stock worth $14,724,000 after acquiring an additional 285,108 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in First Horizon by 13.1% during the third quarter. Los Angeles Capital Management LLC now owns 868,094 shares of the financial services provider’s stock worth $13,482,000 after acquiring an additional 100,359 shares in the last quarter. Allen Capital Group LLC raised its stake in First Horizon by 128.4% during the third quarter. Allen Capital Group LLC now owns 52,612 shares of the financial services provider’s stock worth $817,000 after acquiring an additional 29,581 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new position in First Horizon during the fourth quarter worth about $304,000. Finally, Merit Financial Group LLC acquired a new position in First Horizon during the fourth quarter worth about $453,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Citigroup boosted their target price on First Horizon from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Keefe, Bruyette & Woods upped their price objective on First Horizon from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, December 19th. Bank of America upped their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Royal Bank of Canada upped their price objective on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.23.

Insiders Place Their Bets

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This represents a 5.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.87% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $18.93 on Monday. The business’s 50 day simple moving average is $21.11 and its 200 day simple moving average is $19.05. First Horizon Co. has a one year low of $13.72 and a one year high of $22.44. The stock has a market capitalization of $9.87 billion, a PE ratio of 13.92, a PEG ratio of 1.19 and a beta of 0.86. 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 announced its earnings results 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 period in the previous year, the firm earned $0.32 EPS. As a group, research analysts forecast that First Horizon Co. will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, March 14th. First Horizon’s payout ratio is 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.