Mitsubishi UFJ Asset Management Co. Ltd. Buys Shares of 534,016 First Horizon Corporation $FHN

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in First Horizon Corporation (NYSE:FHN) in the 2nd quarter, HoldingsChannel reports. The firm purchased 534,016 shares of the financial services provider’s stock, valued at approximately $13,692,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC increased its position in First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after buying an additional 116,191 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of First Horizon by 158.0% in the first quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock worth $12,295,000 after buying an additional 330,800 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new stake in First Horizon during the second quarter worth approximately $1,616,000. Qsemble Capital Management LP raised its position in shares of First Horizon by 303.3% in the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock valued at $10,790,000 after purchasing an additional 339,508 shares during the period. Finally, Illumine Investment Management LLC acquired a new stake in shares of First Horizon in the first quarter worth $909,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on FHN shares. Truist Financial lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Fundamental Research set a $28.50 price target on First Horizon in a research report on Wednesday, July 1st. Wells Fargo & Company initiated coverage on First Horizon in a research report on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price target on the stock. National Bank Financial set a $29.00 price objective on First Horizon in a research note on Thursday, July 16th. Finally, Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $27.26.

First Horizon Price Performance

NYSE:FHN opened at $24.72 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The company has a 50-day moving average of $25.50 and a 200-day moving average of $24.50. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a market capitalization of $11.71 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 0.99 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its quarterly earnings results 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 business had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same quarter in the previous year, the firm earned $0.45 EPS. As a group, equities research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 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.