First Horizon Corporation $FHN Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its holdings in shares of First Horizon Corporation (NYSE:FHN) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,042,119 shares of the financial services provider’s stock after selling 25,429 shares during the period. The Manufacturers Life Insurance Company’s holdings in First Horizon were worth $23,719,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Kestra Investment Management LLC boosted its position in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of First Horizon by 156.7% in the first 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 in the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in shares of First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in First Horizon in the fourth quarter valued at $51,000. Finally, Triumph Capital Management acquired a new position in First Horizon during the 3rd quarter worth $77,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Trading Up 0.9%

FHN opened at $25.69 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. First Horizon Corporation has a one year low of $19.80 and a one year high of $26.56. The company has a market cap of $12.19 billion, a P/E ratio of 12.29, a PEG ratio of 1.02 and a beta of 0.60. The business’s 50-day simple moving average is $25.11 and its 200-day simple moving average is $24.36.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, equities research analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FHN shares. DA Davidson reaffirmed a “neutral” rating and issued a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. 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 report on Wednesday, July 1st. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Truist Financial raised their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, July 10th. Finally, Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $27.16.

First Horizon 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.