Vestcor Inc Purchases 50,000 Shares of First Horizon Corporation $FHN

Vestcor Inc raised its position in shares of First Horizon Corporation (NYSE:FHN) by 48.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 152,200 shares of the financial services provider’s stock after purchasing an additional 50,000 shares during the period. Vestcor Inc’s holdings in First Horizon were worth $3,638,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in First Horizon by 8.5% in the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after buying an additional 595,869 shares during the period. Norges Bank bought a new position in First Horizon in the 4th quarter worth approximately $153,942,000. William Blair Investment Management LLC boosted its holdings in First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after buying an additional 116,191 shares during the period. Freestone Grove Partners LP boosted its holdings in First Horizon by 25.3% in the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after buying an additional 967,219 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of First Horizon by 28.4% in the fourth quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock worth $91,993,000 after acquiring an additional 852,109 shares during the period. Institutional investors own 80.28% of the company’s stock.

Wall Street Analyst Weigh In

FHN has been the subject of a number of analyst reports. UBS Group lowered First Horizon from a “buy” rating to a “neutral” rating and cut their price target for the stock from $29.00 to $25.00 in a report on Tuesday, April 7th. Barclays cut their price target on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. Zacks Research lowered shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Finally, Wells Fargo & Company raised their price objective on shares of First Horizon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, March 30th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, First Horizon presently has a consensus rating of “Hold” and an average target price of $26.45.

First Horizon Trading Down 0.3%

Shares of First Horizon stock opened at $24.19 on Friday. First Horizon Corporation has a 1 year low of $19.03 and a 1 year high of $26.56. The firm has a market cap of $11.48 billion, a PE ratio of 12.09, a PEG ratio of 0.94 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The company has a 50 day simple moving average of $23.98 and a two-hundred day simple moving average of $23.79.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. During the same period in the previous year, the business posted $0.42 earnings per share. First Horizon’s revenue for the quarter was up 6.2% on a year-over-year basis. Analysts expect that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon’s payout ratio is 34.00%.

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.