Cullen Capital Management LLC Makes New Investment in First Horizon Corporation $FHN

Cullen Capital Management LLC acquired 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 SEC. The institutional investor acquired 1,831,996 shares of the financial services provider’s stock, valued at approximately $46,972,000. Cullen Capital Management LLC owned about 0.39% of First Horizon as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cibc World Market Inc. purchased a new stake in shares of First Horizon in the second quarter worth about $455,000. Sanctuary Advisors LLC purchased a new position in First Horizon during the 2nd quarter valued at approximately $471,000. Capital Square LLC bought a new stake in First Horizon in the 2nd quarter worth approximately $2,548,000. Meiji Yasuda Asset Management Co Ltd. bought a new stake in First Horizon in the 2nd quarter worth approximately $284,000. Finally, Bank of Nova Scotia purchased a new stake in shares of First Horizon during the 2nd quarter worth approximately $32,176,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 0.4%

FHN stock opened at $24.54 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The stock has a market capitalization of $11.62 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The firm’s fifty day simple moving average is $25.48 and its two-hundred day simple moving average is $24.49.

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

First Horizon Dividend Announcement

The company 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 $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

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 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.91% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. National Bank Financial set a $29.00 target price on shares of First Horizon in a report on Thursday, July 16th. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Fundamental Research set a $28.50 price objective on shares of First Horizon in a research report on Wednesday, July 1st. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Nine equities research 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 has a consensus rating of “Hold” and an average price target of $27.26.

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.