650,284 Shares in First Horizon Corporation $FHN Acquired by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 650,284 shares of the financial services provider’s stock, valued at approximately $16,673,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of First Horizon in the 2nd quarter worth $1,505,239,000. Bank of New York Mellon Corp bought a new position in First Horizon during the second quarter worth about $747,445,000. North Reef Capital Management LP boosted its holdings 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 buying an additional 2,936,368 shares during the last quarter. Invesco Ltd. grew its position in shares of First Horizon by 5.6% during the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock worth $192,007,000 after buying an additional 426,951 shares during the period. Finally, Norges Bank acquired a new position in shares of First Horizon during the 4th quarter worth about $153,942,000. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

FHN has been the topic of a number of analyst reports. UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Raymond James Financial boosted their price objective on shares of First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. JPMorgan Chase & Co. reduced their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Finally, Truist Financial lifted their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $27.26.

Insider Buying and Selling

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.91% of the company’s stock.

First Horizon Trading Up 0.0%

NYSE:FHN opened at $24.66 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The business’s 50-day simple moving average is $25.46 and its 200-day simple moving average is $24.45. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The stock has a market capitalization of $11.68 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The firm had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same period last year, the company posted $0.45 EPS. Sell-side analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

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