Victory Capital Management Inc. Purchases 492,888 Shares of First Horizon Corporation $FHN

Victory Capital Management Inc. increased its position in shares of First Horizon Corporation (NYSE:FHN) by 18.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,233,074 shares of the financial services provider’s stock after acquiring an additional 492,888 shares during the quarter. Victory Capital Management Inc. owned about 0.64% of First Horizon worth $73,100,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of First Horizon by 313.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 62,164 shares of the financial services provider’s stock valued at $1,406,000 after acquiring an additional 47,119 shares in the last quarter. First Horizon Corp acquired a new position in First Horizon during the 3rd quarter valued at approximately $2,361,000. Allianz Asset Management GmbH purchased a new position in shares of First Horizon in the third quarter worth $6,416,000. Voya Investment Management LLC lifted its stake in shares of First Horizon by 301.4% during the third quarter. Voya Investment Management LLC now owns 229,860 shares of the financial services provider’s stock worth $5,197,000 after buying an additional 172,599 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of First Horizon during the third quarter valued at $1,211,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on FHN. The Goldman Sachs Group set a $27.00 price target on First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Citigroup upped their target price on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Barclays upped their price objective on shares of First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Finally, DA Davidson increased their price target on First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.66.

Insider Buying and Selling at First Horizon

In related news, EVP Anthony J. Restel sold 5,719 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the transaction, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.87% of the stock is currently owned by company insiders.

First Horizon Stock Performance

Shares of FHN stock opened at $23.41 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $26.56. The business’s 50 day moving average is $24.52 and its two-hundred day moving average is $23.09. The company has a market capitalization of $11.31 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.89 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.The business had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $863.87 million. During the same period in the previous year, the business earned $0.43 earnings per share. Analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.17 per share. This is an increase from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, March 13th. First Horizon’s dividend payout ratio is presently 31.91%.

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.