31,360 Shares in First Horizon Corporation $FHN Acquired by Van Hulzen Asset Management LLC

Van Hulzen Asset Management LLC purchased a new position in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 31,360 shares of the financial services provider’s stock, valued at approximately $804,000.

Several other institutional investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of First Horizon in the 2nd quarter worth $1,505,239,000. Bank of New York Mellon Corp purchased a new position in First Horizon in the 2nd quarter worth about $747,445,000. North Reef Capital Management LP increased its stake in First Horizon by 25.5% in the 1st 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 in the last quarter. Invesco Ltd. raised its holdings in 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 stake in 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

Several research analysts have commented on the stock. Truist Financial raised 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. Evercore set a $27.00 price target on shares of First Horizon in a report on Monday, July 6th. JPMorgan Chase & Co. reduced their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Wells Fargo & Company assumed 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 objective for the company. Finally, National Bank Financial set a $29.00 price objective on shares of First Horizon in a research report on Thursday, July 16th. Nine 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $27.26.

Insider Activity at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.91% of the company’s stock.

First Horizon Stock Down 0.4%

Shares of First Horizon stock opened at $24.54 on Tuesday. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a market cap of $11.62 billion, a P/E ratio of 11.74, a P/E/G ratio of 0.98 and a beta of 0.61. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $25.48 and a 200 day moving average price of $24.49.

First Horizon (NYSE:FHN) last released its 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 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 quarter in the previous year, the business posted $0.45 EPS. As a group, analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

First Horizon Company 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.