Great Lakes Advisors LLC Has $7.76 Million Holdings in First Horizon Corporation $FHN

Great Lakes Advisors LLC increased its stake in shares of First Horizon Corporation (NYSE:FHN) by 1,145.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 343,131 shares of the financial services provider’s stock after buying an additional 315,590 shares during the quarter. Great Lakes Advisors LLC owned 0.07% of First Horizon worth $7,758,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Wellington Shields Capital Management LLC grew its holdings in shares of First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock worth $594,000 after purchasing an additional 514 shares during the last quarter. Inspire Investing LLC boosted its position in First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock valued at $390,000 after buying an additional 624 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after buying an additional 635 shares during the last quarter. Concurrent Investment Advisors LLC grew its stake in First Horizon by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock worth $541,000 after buying an additional 672 shares during the last quarter. Finally, Allen Capital Group LLC increased its holdings in shares of First Horizon by 1.2% during the third quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock worth $1,376,000 after buying an additional 732 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FHN has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Robert W. Baird downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Raymond James Financial raised their target price on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Finally, National Bankshares set a $27.00 price target on First Horizon in a report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.58.

First Horizon Stock Up 0.8%

Shares of FHN opened at $24.40 on Friday. The business’s fifty day moving average price is $23.75 and its two-hundred day moving average price is $22.60. The firm has a market capitalization of $12.01 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.91 and a beta of 0.61. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $25.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

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

First Horizon Increases Dividend

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

First Horizon announced that its Board of Directors has approved a share repurchase program on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the sale, the executive vice president directly owned 307,432 shares of the company’s stock, valued at approximately $6,551,375.92. This trade represents a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.87% of the company’s stock.

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.