Cullen Capital Management LLC Increases Holdings in First Horizon Corporation $FHN

Cullen Capital Management LLC lifted its position in First Horizon Corporation (NYSE:FHN) by 3,401.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,030,457 shares of the financial services provider’s stock after purchasing an additional 1,972,461 shares during the period. Cullen Capital Management LLC owned 0.41% of First Horizon worth $48,528,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of FHN. Norges Bank purchased a new stake in shares of First Horizon in the fourth quarter valued at approximately $153,942,000. Artemis Investment Management LLP purchased a new stake in shares of First Horizon in the fourth quarter valued at approximately $90,319,000. Jupiter Asset Management Ltd. purchased a new stake in shares of First Horizon in the third quarter valued at approximately $49,180,000. HRT Financial LP purchased a new stake in shares of First Horizon in the fourth quarter valued at approximately $42,600,000. Finally, Barclays PLC boosted its holdings in shares of First Horizon by 370.5% in the third quarter. Barclays PLC now owns 2,216,410 shares of the financial services provider’s stock valued at $50,113,000 after purchasing an additional 1,745,296 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FHN. UBS Group lowered First Horizon from a “buy” rating to a “neutral” rating and lowered their price target for the company from $29.00 to $25.00 in a report on Tuesday, April 7th. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Citigroup boosted their price target on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a report on Tuesday, February 24th. Wells Fargo & Company boosted their price target on First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 30th. Finally, Barclays lowered their price target on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.45.

First Horizon Stock Performance

Shares of NYSE:FHN opened at $25.14 on Friday. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 0.98 and a beta of 0.60. First Horizon Corporation has a 52 week low of $19.03 and a 52 week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $24.21 and a 200 day moving average of $23.91.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to the consensus estimate of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. First Horizon’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. On average, sell-side analysts predict that First Horizon Corporation will post 2.16 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 Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. First Horizon’s payout ratio is 34.00%.

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.