Great Lakes Advisors LLC Invests $3.77 Million in First Horizon Corporation $FHN

Great Lakes Advisors LLC acquired a new position in First Horizon Corporation (NYSE:FHN) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 146,836 shares of the financial services provider’s stock, valued at approximately $3,765,000.

Several other large investors have also added to or reduced their stakes in FHN. Alpine Woods Capital Investors LLC purchased a new stake in First Horizon during the second quarter valued at about $283,000. Meeder Advisory Services Inc. purchased a new stake in First Horizon in the second quarter worth about $242,000. Citizens Financial Group Inc. RI bought a new position in First Horizon in the 2nd quarter worth about $427,000. BlackRock Inc. bought a new stake in shares of First Horizon in the 2nd quarter worth $1,505,239,000. Finally, Pallas Capital Advisors LLC bought a new stake in shares of First Horizon in the second quarter worth $859,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Down 0.6%

FHN opened at $24.72 on Friday. The company has a market cap of $11.71 billion, a PE ratio of 11.83, a P/E/G ratio of 0.99 and a beta of 0.61. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The business has a 50 day moving average price of $25.50 and a two-hundred day moving average price of $24.50.

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, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $887.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, research analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

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 issued 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 32.54%.

Analyst Ratings Changes

A number of equities analysts have commented on FHN shares. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Wells Fargo & Company began coverage on shares of First Horizon in a research note on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective for the company. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Evercore set a $27.00 price objective on First Horizon in a research report on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.26.

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.