Diamond Hill Capital Management LLC Investment Advisor Buys Shares of 392,378 First Horizon Corporation $FHN

Diamond Hill Capital Management LLC Investment Advisor bought a new stake in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, Holdings Channel.com reports. The fund bought 392,378 shares of the financial services provider’s stock, valued at approximately $10,061,000.

A number of other large investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its position in First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after acquiring an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in First Horizon by 156.7% in the first 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. EverSource Wealth Advisors LLC grew its holdings in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares during the last quarter. Federated Hermes Inc. increased its position in shares of First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of First Horizon by 20.8% during the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after purchasing an additional 26,323 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Wells Fargo & Company assumed coverage on First Horizon in a research note on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price target for the company. National Bank Financial set a $29.00 price target on First Horizon in a report on Thursday, July 16th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Finally, Truist Financial upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Horizon has an average rating of “Hold” and an average target price of $27.26.

First Horizon Stock Performance

FHN opened at $25.99 on Tuesday. The firm’s fifty day simple moving average is $25.48 and its two-hundred day simple moving average is $24.48. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.04 and a beta of 0.61. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same quarter in the prior year, the firm earned $0.45 EPS. Equities analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. First Horizon’s payout ratio is 32.54%.

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.