Vestcor Inc Purchases 50,000 Shares of First Horizon Corporation $FHN

Vestcor Inc grew its position in First Horizon Corporation (NYSE:FHN) by 48.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 152,200 shares of the financial services provider’s stock after acquiring an additional 50,000 shares during the period. Vestcor Inc’s holdings in First Horizon were worth $3,638,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in FHN. Atlantic Union Bankshares Corp bought a new position in First Horizon in the 3rd quarter valued at approximately $25,000. Kestra Investment Management LLC raised its position in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. raised its position in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in First Horizon by 51.5% during the 3rd quarter. Bessemer Group Inc. now owns 3,243 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 1,103 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the subject of several research analyst reports. Weiss Ratings raised First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 16th. Wells Fargo & Company lifted their price objective on First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, March 30th. Keefe, Bruyette & Woods lifted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Finally, Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, First Horizon presently has a consensus rating of “Hold” and an average price target of $26.45.

First Horizon Stock Performance

FHN stock opened at $24.19 on Friday. The firm has a market cap of $11.48 billion, a PE ratio of 12.09, a P/E/G ratio of 0.94 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average of $23.98 and a 200-day moving average of $23.79. First Horizon Corporation has a 12-month low of $19.03 and a 12-month high of $26.56.

First Horizon (NYSE:FHN) last released its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.First Horizon’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. As a group, sell-side analysts expect that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio is presently 34.00%.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.