Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of First Horizon Co. (NYSE:FHN – Free Report) by 29.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,300 shares of the financial services provider’s stock after selling 32,307 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in First Horizon were worth $1,109,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of FHN. Venture Visionary Partners LLC grew its holdings in First Horizon by 11.6% during the 4th quarter. Venture Visionary Partners LLC now owns 127,410 shares of the financial services provider’s stock worth $1,804,000 after acquiring an additional 13,223 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of First Horizon during the 4th quarter worth $82,000. Arizona State Retirement System grew its stake in shares of First Horizon by 7.8% during the fourth quarter. Arizona State Retirement System now owns 156,182 shares of the financial services provider’s stock worth $2,212,000 after purchasing an additional 11,367 shares in the last quarter. Black Swift Group LLC purchased a new position in First Horizon in the fourth quarter valued at $3,404,000. Finally, Fifth Third Bancorp raised its stake in First Horizon by 59.7% in the fourth quarter. Fifth Third Bancorp now owns 4,805 shares of the financial services provider’s stock valued at $68,000 after buying an additional 1,797 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.
First Horizon Stock Performance
Shares of FHN opened at $14.92 on Tuesday. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 4.03 and a beta of 0.94. The business’s 50 day moving average is $14.57 and its two-hundred day moving average is $13.44. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. First Horizon Co. has a 52-week low of $8.99 and a 52-week high of $18.52.
First Horizon declared that its board has approved a stock buyback plan on Tuesday, January 23rd that allows the company to repurchase $650.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on FHN. JPMorgan Chase & Co. raised their target price on First Horizon from $16.00 to $17.50 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. UBS Group upgraded shares of First Horizon from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $15.50 to $16.00 in a research report on Wednesday, January 24th. Raymond James upgraded shares of First Horizon from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $13.00 to $17.00 in a research note on Friday, January 5th. Evercore ISI upped their price objective on shares of First Horizon from $17.00 to $17.50 and gave the company an “outperform” rating in a research note on Thursday, March 28th. Finally, Barclays began coverage on First Horizon in a research report on Friday, March 8th. They set an “overweight” rating and a $18.00 target price on the stock. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.15.
Check Out Our Latest Stock Report on FHN
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 Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.
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