Corient Private Wealth LP Purchases New Position in First Horizon Corporation $FHN

Corient Private Wealth LP purchased a new stake in First Horizon Corporation (NYSE:FHN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 205,662 shares of the financial services provider’s stock, valued at approximately $5,273,000.

Other large investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its holdings in shares of First Horizon by 0.3% during the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock worth $3,162,000 after buying an additional 425 shares in the last quarter. Thoroughbred Financial Services LLC boosted its holdings in shares of First Horizon by 3.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock worth $335,000 after acquiring an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in First Horizon by 0.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock worth $1,641,000 after acquiring an additional 489 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in First Horizon by 1.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock worth $963,000 after acquiring an additional 507 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in First Horizon by 3.5% during the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after purchasing an additional 537 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. National Bank Financial set a $29.00 price objective on First Horizon in a research report on Thursday, July 16th. JPMorgan Chase & Co. decreased their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. UBS Group restated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Raymond James Financial lifted their price target on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, First Horizon presently has an average rating of “Hold” and an average target price of $27.26.

Insider Activity

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.91% of the stock is owned by company insiders.

First Horizon Stock Performance

FHN stock opened at $24.35 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The company has a 50 day moving average price of $25.45 and a 200 day moving average price of $24.44. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The stock has a market capitalization of $11.54 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

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.