Legal & General Group Plc Makes New Investment in First Horizon Corporation $FHN

Legal & General Group Plc acquired a new position in shares of First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 650,284 shares of the financial services provider’s stock, valued at approximately $16,673,000. Legal & General Group Plc owned approximately 0.14% of First Horizon at the end of the most recent quarter.

A number of other large investors have also modified their holdings of FHN. William Blair Investment Management LLC boosted its position in shares of First Horizon by 2.2% during the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after acquiring an additional 116,191 shares in the last quarter. Renaissance Technologies LLC raised its position in First Horizon by 158.0% in the first quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock worth $12,295,000 after purchasing an additional 330,800 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in First Horizon in the second quarter worth about $1,616,000. Vise Technologies Inc. bought a new position in First Horizon during the second quarter worth about $3,327,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in First Horizon during the second quarter valued at approximately $10,061,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FHN. JPMorgan Chase & Co. dropped their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Raymond James Financial boosted their price target on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. UBS Group reiterated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. Wells Fargo & Company initiated coverage on First Horizon in a report on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective for the company. Finally, Truist Financial boosted their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of “Hold” and a consensus price target of $27.26.

Insiders Place Their Bets

In other First Horizon 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 approximately $8,458,144.80. This represents a 5.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by company insiders.

First Horizon Stock Up 0.0%

Shares of NYSE FHN opened at $24.66 on Monday. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The firm’s 50-day simple moving average is $25.46 and its 200 day simple moving average is $24.45. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.68 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

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

First Horizon Announces Dividend

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

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.