Victory Capital Management Inc. Raises Holdings in First Horizon Corporation $FHN

Victory Capital Management Inc. boosted its position in First Horizon Corporation (NYSE:FHN) by 18.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,233,074 shares of the financial services provider’s stock after purchasing an additional 492,888 shares during the quarter. Victory Capital Management Inc.’s holdings in First Horizon were worth $73,100,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. Navigoe LLC purchased a new stake in shares of First Horizon during the third quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of First Horizon in the third quarter worth about $25,000. Root Financial Partners LLC acquired a new position in First Horizon during the third quarter worth about $31,000. Kestra Investment Management LLC grew its stake in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in 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 during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Trading Down 0.3%

NYSE FHN opened at $23.41 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $24.52 and a two-hundred day moving average of $23.09. The stock has a market capitalization of $11.31 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.89 and a beta of 0.61. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The business had revenue of $888.00 million for the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same quarter in the prior year, the business posted $0.43 EPS. As a group, research analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a $0.17 dividend. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. First Horizon’s payout ratio is currently 31.91%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FHN shares. UBS Group restated a “buy” rating and set a $29.00 target price on shares of First Horizon in a report on Wednesday, February 4th. Barclays upped their target price on First Horizon from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Citigroup lifted their price target on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Weiss Ratings raised shares of First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, Truist Financial set a $27.00 price target on shares of First Horizon in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $26.66.

Insider Transactions at First Horizon

In other news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is owned by corporate insiders.

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.