First Horizon Corporation $FHN Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in First Horizon Corporation (NYSE:FHN) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,042,119 shares of the financial services provider’s stock after selling 25,429 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.22% of First Horizon worth $23,719,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FHN. Norges Bank purchased a new position in shares of First Horizon during the 4th quarter worth $153,942,000. Artemis Investment Management LLP purchased a new stake in shares of First Horizon in the fourth quarter valued at about $90,319,000. North Reef Capital Management LP increased its position in First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Cullen Capital Management LLC increased its position in First Horizon by 3,401.0% during the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after purchasing an additional 1,972,461 shares during the last quarter. Finally, HRT Financial LP purchased a new position in First Horizon during the fourth quarter worth about $42,600,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FHN has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Evercore set a $27.00 price objective on First Horizon in a report on Monday, July 6th. Wells Fargo & Company increased their price objective on First Horizon from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Barclays cut their target price on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Finally, National Bank Financial set a $29.00 target price on First Horizon in a research report on Thursday, July 16th. 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 stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of “Hold” and a consensus target price of $27.16.

First Horizon Stock Up 0.9%

First Horizon stock opened at $25.69 on Friday. The company has a market capitalization of $12.19 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.02 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The firm has a 50 day moving average price of $25.11 and a 200 day moving average price of $24.36.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping 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 $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same period in the prior year, the firm earned $0.45 earnings per share. Research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon’s dividend payout ratio is presently 32.54%.

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.