Bridgewater Associates LP Has $2.97 Million Stake in First Horizon Co. (NYSE:FHN)

Bridgewater Associates LP raised its stake in shares of First Horizon Co. (NYSE:FHN) by 1.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 171,905 shares of the financial services provider’s stock after buying an additional 2,357 shares during the period. Bridgewater Associates LP’s holdings in First Horizon were worth $2,971,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in First Horizon by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 60,470,357 shares of the financial services provider’s stock worth $1,044,928,000 after acquiring an additional 1,416,267 shares during the period. LSV Asset Management raised its holdings in First Horizon by 178.9% in the 2nd quarter. LSV Asset Management now owns 14,359,150 shares of the financial services provider’s stock worth $248,126,000 after acquiring an additional 9,211,541 shares during the period. Mackenzie Financial Corp raised its holdings in First Horizon by 1.2% in the 2nd quarter. Mackenzie Financial Corp now owns 8,633,372 shares of the financial services provider’s stock worth $149,185,000 after acquiring an additional 101,817 shares during the period. Bank of New York Mellon Corp raised its holdings in First Horizon by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,821,968 shares of the financial services provider’s stock worth $135,162,000 after acquiring an additional 68,277 shares during the period. Finally, Geode Capital Management LLC raised its holdings in First Horizon by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 7,419,643 shares of the financial services provider’s stock worth $128,212,000 after acquiring an additional 108,931 shares during the period. 80.94% of the stock is owned by institutional investors and hedge funds.

In related news, CFO William C. Losch III sold 22,684 shares of the business’s stock in a transaction that occurred on Thursday, July 29th. The shares were sold at an average price of $15.66, for a total transaction of $355,231.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.63% of the company’s stock.

NYSE:FHN opened at $16.52 on Thursday. The firm has a market cap of $9.07 billion, a PE ratio of 7.18 and a beta of 1.51. First Horizon Co. has a 12 month low of $9.78 and a 12 month high of $19.45. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $16.02 and its two-hundred day moving average price is $17.01.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, July 15th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.15. First Horizon had a net margin of 33.31% and a return on equity of 13.95%. The company had revenue of $782.00 million for the quarter, compared to analyst estimates of $767.63 million. During the same period in the prior year, the business earned $0.20 earnings per share. On average, research analysts expect that First Horizon Co. will post 1.88 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, October 1st. Stockholders of record on Friday, September 10th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, September 9th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.63%. First Horizon’s payout ratio is 49.18%.

FHN has been the topic of several research reports. Zacks Investment Research upgraded shares of First Horizon from a “sell” rating to a “hold” rating and set a $16.00 price objective on the stock in a report on Tuesday, July 20th. Hovde Group raised shares of First Horizon from a “market perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research note on Wednesday, June 23rd. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their target price for the company from $20.00 to $17.00 in a research note on Wednesday, September 8th. Raymond James cut shares of First Horizon from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $20.00 to $19.00 in a research note on Thursday, October 7th. Finally, Morgan Stanley lowered their target price on shares of First Horizon from $21.00 to $19.50 and set an “equal weight” rating on the stock in a research note on Monday, August 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.30.

First Horizon Profile

First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through four segments: Regional Banking, Specialty Banking, and Corporate.

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

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