Diamond Hill Capital Management LLC Investment Advisor Invests $10.06 Million in First Horizon Corporation $FHN

Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 392,378 shares of the financial services provider’s stock, valued at approximately $10,061,000. Diamond Hill Capital Management LLC Investment Advisor owned approximately 0.08% of First Horizon at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Kestra Investment Management LLC boosted its stake in shares of First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised its stake in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the period. Basecamp Wealth Advisors LLC lifted its holdings in First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 746 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its stake in First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in First Horizon in the 4th quarter worth approximately $51,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Down 0.9%

Shares of FHN stock opened at $25.99 on Tuesday. The company has a market cap of $12.31 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 1.04 and a beta of 0.61. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The stock’s 50 day simple moving average is $25.48 and its two-hundred day simple moving average is $24.48. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the prior year, the firm posted $0.45 EPS. Research analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s dividend payout ratio is currently 32.54%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective 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. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Wells Fargo & Company initiated coverage on shares of First Horizon in a research note on Monday, August 10th. They issued an “equal weight” rating and a $28.00 price target on the stock. Finally, Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.26.

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.