The Manufacturers Life Insurance Company Purchases Shares of 1,034,835 First Horizon Corporation $FHN

The Manufacturers Life Insurance Company acquired a new position in First Horizon Corporation (NYSE:FHN) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 1,034,835 shares of the financial services provider’s stock, valued at approximately $26,533,000.

Several other institutional investors also recently modified their holdings of FHN. Kestra Investment Management LLC increased its position in shares of 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 valued at $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. lifted its position 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 period. Cary Street Partners Investment Advisory LLC lifted its position in 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 purchasing an additional 1,874 shares during the period. Basecamp Wealth Advisors LLC boosted its stake in 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 buying an additional 746 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in First Horizon during the fourth quarter worth $51,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Buying and Selling

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

First Horizon Stock Performance

First Horizon stock opened at $24.41 on Friday. 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 fifty day moving average price of $25.46 and a two-hundred day moving average price of $24.46. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The firm has a market capitalization of $11.56 billion, a P/E ratio of 11.68, a P/E/G ratio of 0.97 and a beta of 0.61.

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

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Truist Financial increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. decreased their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Wells Fargo & Company assumed coverage on shares of First Horizon in a research note on Monday, August 10th. They issued an “equal weight” rating and a $28.00 target price on the stock. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Evercore set a $27.00 price target on shares of First Horizon in a research note on Monday, July 6th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.26.

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.