Focus Partners Advisor Solutions LLC Buys New Stake in First Horizon Corporation $FHN

Focus Partners Advisor Solutions LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 2nd quarter, HoldingsChannel reports. The firm purchased 63,013 shares of the financial services provider’s stock, valued at approximately $1,616,000.

A number of other large investors have also modified their holdings of FHN. Goldman Sachs Group Inc. grew its position in shares of First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after acquiring an additional 865,109 shares during the period. Geneos Wealth Management Inc. raised its holdings in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the period. EverSource Wealth Advisors LLC boosted its position in First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares in the last quarter. Federated Hermes Inc. boosted its position in First Horizon by 9.1% during the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after purchasing an additional 26,323 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Truist Financial boosted their price objective on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Raymond James Financial boosted their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. National Bank Financial set a $29.00 price objective on shares of First Horizon in a research report on Thursday, July 16th. Finally, Autonomous Res downgraded shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Nine 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. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $27.26.

First Horizon Price Performance

NYSE:FHN opened at $26.20 on Friday. The stock has a 50 day moving average of $25.44 and a two-hundred day moving average of $24.47. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The firm has a market cap of $12.41 billion, a P/E ratio of 12.53, a price-to-earnings-growth ratio of 1.04 and a beta of 0.61. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last released 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. The business 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 last year, the business posted $0.45 earnings per share. On average, analysts expect that First Horizon Corporation will post 2.15 earnings per share 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. Shareholders 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 dividend on an annualized basis and a yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

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.