First Horizon Corporation $FHN Shares Bought by Sei Investments Co.

Sei Investments Co. grew its stake in shares of First Horizon Corporation (NYSE:FHN) by 34.0% in the 1st quarter, Holdings Channel reports. The firm owned 661,421 shares of the financial services provider’s stock after acquiring an additional 167,683 shares during the quarter. Sei Investments Co.’s holdings in First Horizon were worth $15,054,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. William Blair Investment Management LLC raised its position in First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after buying an additional 116,191 shares during the last quarter. Andrew Hill Investment Advisors Inc. bought a new stake in First Horizon in the 4th quarter valued at approximately $7,059,000. Tectonic Advisors LLC acquired a new position in First Horizon during the 4th quarter worth approximately $4,423,000. Qsemble Capital Management LP boosted its position in First Horizon by 303.3% during the 4th quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock worth $10,790,000 after acquiring an additional 339,508 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of First Horizon during the 4th quarter worth approximately $10,127,000. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Wells Fargo & Company raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research report on Wednesday, July 1st. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Nine equities 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. According to MarketBeat, First Horizon currently has a consensus rating of “Hold” and a consensus target price of $27.16.

First Horizon Stock Down 1.3%

NYSE:FHN opened at $25.45 on Friday. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 1.02 and a beta of 0.60. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $25.08 and its two-hundred day moving average price is $24.35.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate 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 $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the firm posted $0.45 EPS. Equities research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

About First Horizon

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.