Primecap Management Co. CA Takes $57.10 Million Position in First Horizon Corporation $FHN

Primecap Management Co. CA purchased a new position in First Horizon Corporation (NYSE:FHN) during the second quarter, Holdings Channel reports. The fund purchased 2,227,100 shares of the financial services provider’s stock, valued at approximately $57,103,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its stake in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after buying an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,095 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after purchasing an additional 3,835 shares in the last quarter. Federated Hermes Inc. grew its position in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC boosted its holdings in shares of First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares in the last quarter. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $24.56 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. 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 50 day moving average price of $25.47 and a two-hundred day moving average price of $24.47. The company has a market capitalization of $11.64 billion, a P/E ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.61.

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

First Horizon Announces Dividend

The company 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 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

Analyst Ratings Changes

A number of brokerages recently weighed in on FHN. Evercore set a $27.00 price objective on First Horizon in a report on Monday, July 6th. Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. National Bank Financial set a $29.00 price objective on shares of First Horizon in a report on Thursday, July 16th. Finally, UBS Group reaffirmed a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Nine investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $27.26.

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction 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 completion of the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.91% of the stock is owned by insiders.

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.