Man Group plc Invests $6.45 Million in First Horizon Corporation $FHN

Man Group plc bought a new stake in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 251,662 shares of the financial services provider’s stock, valued at approximately $6,453,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Kestra Investment Management LLC lifted its holdings in First Horizon by 873.1% during 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 in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of 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. Ancora Advisors LLC bought a new stake in shares of First Horizon in the second quarter worth about $42,000. Basecamp Wealth Advisors LLC raised its position in shares of First Horizon by 56.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares during the period. Finally, Cary Street Partners Investment Advisory LLC raised its position in shares of First Horizon by 1,348.2% during 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 purchasing an additional 1,874 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the subject of a number of research analyst reports. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Raymond James Financial lifted their price target on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. reduced their price objective 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. Wells Fargo & Company assumed coverage on First Horizon in a report on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective for the company. Finally, Truist Financial lifted their target price on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, First Horizon presently has a consensus rating of “Hold” and an average price target of $27.26.

First Horizon Stock Up 1.0%

FHN stock opened at $24.66 on Friday. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 0.98 and a beta of 0.61. The business’s fifty day moving average price is $25.46 and its two-hundred day moving average price is $24.46.

First Horizon (NYSE:FHN) last posted its quarterly earnings data 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 business had revenue of $887.00 million during the quarter, compared to analysts’ expectations 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 business posted $0.45 earnings per share. On average, equities analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

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 issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is presently 32.54%.

Insider Transactions at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.91% of the stock is currently owned by corporate insiders.

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.