The Manufacturers Life Insurance Company Purchases Shares of 1,034,835 First Horizon Corporation $FHN

The Manufacturers Life Insurance Company acquired a new stake in shares of First Horizon Corporation (NYSE:FHN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,034,835 shares of the financial services provider’s stock, valued at approximately $26,533,000. The Manufacturers Life Insurance Company owned about 0.22% of First Horizon as of its most recent filing with the Securities and Exchange Commission.

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

Insiders Place Their Bets

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.91% of the stock is currently owned by insiders.

First Horizon Trading Down 0.7%

NYSE FHN opened at $24.41 on Friday. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. 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 company has a market capitalization of $11.56 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. The firm’s fifty day simple moving average is $25.46 and its 200-day simple moving average is $24.46.

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

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given 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 of this dividend is Friday, September 11th. First Horizon’s payout ratio is currently 32.54%.

Analysts Set New Price Targets

Several brokerages have issued reports on FHN. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Truist Financial raised their target price on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. JPMorgan Chase & Co. lowered their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Evercore set a $27.00 price target on First Horizon in a research report on Monday, July 6th. Finally, Raymond James Financial increased their price objective on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price 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.