48,465 Shares in First Horizon Corporation $FHN Purchased by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. acquired a new position in First Horizon Corporation (NYSE:FHN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 48,465 shares of the financial services provider’s stock, valued at approximately $1,096,000.

Several other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of First Horizon during the second quarter valued at approximately $131,399,000. Azora Capital LP raised its stake in shares of First Horizon by 1,020.5% during the 2nd quarter. Azora Capital LP now owns 2,610,244 shares of the financial services provider’s stock worth $55,337,000 after purchasing an additional 2,377,300 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of First Horizon in the 3rd quarter worth about $49,180,000. JPMorgan Chase & Co. grew its position in First Horizon by 45.0% during the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after buying an additional 2,091,865 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after buying an additional 865,109 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of research analyst reports. Raymond James Financial boosted their target price on shares of First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Truist Financial set a $27.00 target price on First Horizon in a research report on Friday, January 9th. Zacks Research raised First Horizon from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 16th. Finally, JPMorgan Chase & Co. lifted their price objective on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Moderate Buy” and a consensus target price of $26.66.

Insider Activity

In other news, EVP Anthony J. Restel sold 5,719 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.87% of the company’s stock.

First Horizon Trading Up 1.5%

Shares of First Horizon stock opened at $24.47 on Thursday. The company’s 50-day moving average price is $24.59 and its 200-day moving average price is $23.01. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $26.56. The company has a market cap of $12.05 billion, a price-to-earnings ratio of 13.02, a PEG ratio of 0.91 and a beta of 0.63.

First Horizon (NYSE:FHN) last posted its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.06. The business had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same period in the prior year, the company posted $0.43 EPS. On average, equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s payout ratio is 31.91%.

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.