Amalgamated Bank Increases Position in First Horizon Co. (NYSE:FHN)

Amalgamated Bank increased its holdings in First Horizon Co. (NYSE:FHN) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 368,404 shares of the financial services provider’s stock after acquiring an additional 4,981 shares during the quarter. Amalgamated Bank owned approximately 0.07% of First Horizon worth $5,217,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Byrne Asset Management LLC purchased a new position in shares of First Horizon during the 4th quarter valued at approximately $40,000. Headlands Technologies LLC bought a new position in First Horizon during the 4th quarter valued at $56,000. Fifth Third Bancorp grew its holdings in First Horizon by 59.7% during the 4th quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider’s stock worth $68,000 after acquiring an additional 1,797 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of First Horizon in the 4th quarter worth about $71,000. Finally, Covestor Ltd lifted its position in shares of First Horizon by 268.5% during the third quarter. Covestor Ltd now owns 5,034 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 3,668 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $15.70 on Tuesday. The stock’s 50 day moving average price is $14.80 and its 200 day moving average price is $13.76. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $8.71 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 4.34 and a beta of 0.94. First Horizon Co. has a 12 month low of $9.48 and a 12 month high of $16.01.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 17th. The financial services provider reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $819.00 million for the quarter, compared to the consensus estimate of $809.51 million. First Horizon had a net margin of 16.07% and a return on equity of 8.96%. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 EPS. Equities research analysts anticipate that First Horizon Co. will post 1.5 earnings per share for the current fiscal year.

First Horizon announced that its board has initiated a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback $650.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Friday, June 14th. First Horizon’s dividend payout ratio is 41.96%.

Analyst Ratings Changes

Several brokerages have issued reports on FHN. Barclays initiated coverage on First Horizon in a research note on Friday, March 8th. They set an “overweight” rating and a $18.00 price objective on the stock. Royal Bank of Canada upgraded shares of First Horizon from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a research report on Tuesday, April 9th. UBS Group raised shares of First Horizon from a “neutral” rating to a “buy” rating and raised their target price for the stock from $15.50 to $16.00 in a report on Wednesday, January 24th. StockNews.com downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, Keefe, Bruyette & Woods upgraded First Horizon from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $16.00 to $18.00 in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.15.

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.