Man Group plc Makes New Investment in First Horizon Corporation $FHN

Man Group plc purchased a new stake in shares of First Horizon Corporation (NYSE:FHN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 251,662 shares of the financial services provider’s stock, valued at approximately $6,453,000. Man Group plc owned 0.05% of First Horizon as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of FHN. Invst LLC acquired a new position in shares of First Horizon during the second quarter worth approximately $943,000. Jupiter Topco LLC bought a new stake in First Horizon during the 2nd quarter valued at $5,359,000. Hsbc Holdings PLC acquired a new position in First Horizon during the 2nd quarter worth $3,837,000. EFG International AG acquired a new position in First Horizon during the 2nd quarter worth $1,893,000. Finally, Ancora Advisors LLC bought a new position in shares of First Horizon in the second quarter worth $42,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Up 1.0%

NYSE:FHN opened at $24.66 on Friday. The business’s fifty day moving average price is $25.46 and its 200 day moving average price is $24.46. The firm has a market capitalization of $11.68 billion, a price-to-earnings ratio of 11.80, a PEG 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. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56.

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

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. National Bank Financial set a $29.00 price objective on shares of First Horizon in a research note on Thursday, July 16th. JPMorgan Chase & Co. cut their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Fundamental Research set a $28.50 price target on First Horizon in a research note on Wednesday, July 1st. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Finally, Raymond James Financial boosted 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 analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average price target of $27.26.

Insider Activity at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were 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. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.91% of the company’s stock.

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.