Van Hulzen Asset Management LLC Takes Position in First Horizon Corporation $FHN

Van Hulzen Asset Management LLC purchased a new position in shares of First Horizon Corporation (NYSE:FHN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 31,360 shares of the financial services provider’s stock, valued at approximately $804,000.

A number of other large investors have also modified their holdings of the company. Bessemer Group Inc. boosted its stake in First Horizon by 0.3% during the 1st quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock valued at $3,162,000 after purchasing an additional 425 shares during the period. Thoroughbred Financial Services LLC increased its stake in shares of First Horizon by 3.4% in the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 457 shares during the period. Illinois Municipal Retirement Fund increased its stake in shares of First Horizon by 0.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock valued at $1,641,000 after purchasing an additional 489 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of First Horizon by 1.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after buying an additional 507 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its holdings in shares of First Horizon by 3.5% during the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after buying an additional 537 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Insider Buying and Selling at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, 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 filing with the SEC, which is available through the SEC website. 0.91% of the stock is currently owned by company insiders.

First Horizon Price Performance

NYSE FHN opened at $24.54 on Tuesday. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. 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 firm has a market capitalization of $11.62 billion, a PE ratio of 11.74, a P/E/G ratio of 0.98 and a beta of 0.61. The company’s 50 day simple moving average is $25.48 and its 200 day simple moving average is $24.49.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period last year, the company posted $0.45 EPS. As a group, equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on FHN shares. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Wells Fargo & Company initiated coverage on First Horizon in a research note on Monday, August 10th. They set an “equal weight” rating and a $28.00 target price on the stock. Truist Financial boosted their price target on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Evercore set a $27.00 price target on First Horizon in a research note on Monday, July 6th. Finally, UBS Group reissued a “buy” rating on shares of First Horizon in a 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of “Hold” and an average target price of $27.26.

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.