Northwestern Mutual Wealth Management Co. Has $2.46 Million Stock Position in First Horizon Corporation $FHN

Northwestern Mutual Wealth Management Co. increased its stake in First Horizon Corporation (NYSE:FHN) by 158.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 102,815 shares of the financial services provider’s stock after buying an additional 63,026 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in First Horizon were worth $2,457,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FHN. Goldman Sachs Group Inc. lifted its stake in shares of First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after acquiring an additional 865,109 shares during the period. Geneos Wealth Management Inc. lifted its stake 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 during the period. EverSource Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 3,835 shares during the period. Federated Hermes Inc. lifted its stake in shares of First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 4,507 shares during the period. Finally, Cerity Partners LLC lifted its stake in shares of First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after acquiring an additional 26,323 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. cut their price objective on First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. 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 note on Monday, March 30th. Barclays cut their price objective on First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, Citigroup lifted their price objective on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $26.45.

First Horizon Trading Up 0.6%

NYSE FHN opened at $24.37 on Wednesday. The company has a market cap of $11.57 billion, a price-to-earnings ratio of 12.19, a P/E/G ratio of 0.95 and a beta of 0.62. First Horizon Corporation has a 52 week low of $19.03 and a 52 week high of $26.56. The business has a 50 day moving average price of $23.66 and a 200-day moving average price of $23.66. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

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

First Horizon Dividend Announcement

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

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.