M&G Plc Acquires 66,416 Shares of First Horizon Co. (NYSE:FHN)

M&G Plc grew its holdings in First Horizon Co. (NYSE:FHN) by 12.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 601,017 shares of the financial services provider’s stock after purchasing an additional 66,416 shares during the quarter. M&G Plc owned about 0.11% of First Horizon worth $9,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. First Trust Direct Indexing L.P. raised its holdings in shares of First Horizon by 6.5% during the first quarter. First Trust Direct Indexing L.P. now owns 12,623 shares of the financial services provider’s stock valued at $194,000 after purchasing an additional 765 shares during the period. Simplicity Wealth LLC raised its stake in First Horizon by 2.8% during the 2nd quarter. Simplicity Wealth LLC now owns 29,282 shares of the financial services provider’s stock worth $462,000 after buying an additional 786 shares during the period. Perigon Wealth Management LLC raised its stake in First Horizon by 7.5% during the 1st quarter. Perigon Wealth Management LLC now owns 11,520 shares of the financial services provider’s stock worth $177,000 after buying an additional 804 shares during the period. Nisa Investment Advisors LLC boosted its holdings in First Horizon by 0.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 106,489 shares of the financial services provider’s stock worth $1,508,000 after acquiring an additional 900 shares in the last quarter. Finally, Yousif Capital Management LLC grew its stake in First Horizon by 0.4% in the fourth quarter. Yousif Capital Management LLC now owns 265,607 shares of the financial services provider’s stock valued at $3,761,000 after acquiring an additional 1,068 shares during the period. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FHN shares. Raymond James cut First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 target price on the stock. in a report on Thursday, July 18th. Jefferies Financial Group boosted their target price on shares of First Horizon from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Stephens began coverage on shares of First Horizon in a report on Thursday, May 23rd. They issued an “overweight” rating and a $19.00 target price on the stock. Evercore ISI cut their price target on First Horizon from $18.50 to $17.50 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. Finally, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.31.

First Horizon Stock Performance

NYSE FHN opened at $15.10 on Wednesday. The firm has a market cap of $8.26 billion, a P/E ratio of 10.56, a price-to-earnings-growth ratio of 3.23 and a beta of 0.89. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $15.54 and its 200-day moving average is $15.10. First Horizon Co. has a 12-month low of $10.08 and a 12-month high of $17.46.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). First Horizon had a return on equity of 8.84% and a net margin of 14.03%. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $819.82 million. During the same period last year, the company posted $0.39 EPS. Sell-side analysts predict that First Horizon Co. will post 1.46 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.97%. First Horizon’s payout ratio is currently 41.96%.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.