State of Alaska Department of Revenue Has $966,000 Holdings in First Horizon Co. (NYSE:FHN)

State of Alaska Department of Revenue boosted its stake in shares of First Horizon Co. (NYSE:FHN) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,253 shares of the financial services provider’s stock after purchasing an additional 1,625 shares during the quarter. State of Alaska Department of Revenue’s holdings in First Horizon were worth $966,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FHN. UMB Bank n.a. raised its stake in First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 1,325 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in First Horizon during the 1st quarter valued at $28,000. Family Firm Inc. acquired a new position in First Horizon during the 2nd quarter valued at $28,000. Nemes Rush Group LLC raised its stake in First Horizon by 306.2% during the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. acquired a new position in First Horizon during the 2nd quarter valued at $31,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 1.6 %

Shares of NYSE:FHN opened at $17.27 on Wednesday. First Horizon Co. has a 12 month low of $10.96 and a 12 month high of $17.93. The company’s 50-day moving average price is $16.22 and its two-hundred day moving average price is $15.80. The company has a quick ratio of 0.95, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The firm has a market cap of $9.25 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.29 and a beta of 0.86.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. First Horizon had a net margin of 15.43% and a return on equity of 9.51%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. During the same quarter in the prior year, the firm earned $0.27 EPS. As a group, research analysts forecast that First Horizon Co. will post 1.48 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Friday, December 13th. First Horizon’s dividend payout ratio is 43.48%.

First Horizon announced that its board has authorized a share buyback program on Tuesday, October 29th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Evercore ISI increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Wedbush cut shares of First Horizon from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $17.00 in a research note on Tuesday, September 24th. 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 note on Thursday, July 18th. Stephens increased their price objective on shares of First Horizon from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 price objective on shares of First Horizon in a research note on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.92.

First Horizon Company 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.