Great Lakes Advisors LLC Takes $3.77 Million Position in First Horizon Corporation $FHN

Great Lakes Advisors LLC purchased a new position in First Horizon Corporation (NYSE:FHN) during the second quarter, Holdings Channel reports. The firm purchased 146,836 shares of the financial services provider’s stock, valued at approximately $3,765,000.

Several other large investors have also bought and sold shares of FHN. Kestra Investment Management LLC boosted its holdings in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares during the period. Geneos Wealth Management Inc. boosted 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 acquiring an additional 1,095 shares in the last quarter. Basecamp Wealth Advisors LLC increased its holdings in First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after buying an additional 746 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after buying an additional 1,874 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of First Horizon in the fourth quarter worth $51,000. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on FHN. JPMorgan Chase & Co. dropped their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Truist Financial upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Evercore set a $27.00 price target on First Horizon in a research note on Monday, July 6th. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Raymond James Financial boosted their target price on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.26.

First Horizon Stock Down 0.6%

FHN opened at $24.72 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The stock’s fifty day moving average is $25.50 and its 200-day moving average is $24.50. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The company has a market capitalization of $11.71 billion, a PE ratio of 11.83, a P/E/G ratio of 0.99 and a beta of 0.61.

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

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s dividend payout ratio is presently 32.54%.

First Horizon 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.