CWA Asset Management Group LLC Buys New Shares in First Horizon Corporation (NYSE:FHN)

CWA Asset Management Group LLC purchased a new position in shares of First Horizon Corporation (NYSE:FHN) in the first quarter, HoldingsChannel reports. The fund purchased 123,658 shares of the financial services provider’s stock, valued at approximately $2,401,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LifeWealth Investments LLC acquired a new stake in shares of First Horizon during the first quarter worth about $256,000. Sentry LLC lifted its stake in First Horizon by 9.7% during the 1st quarter. Sentry LLC now owns 30,469 shares of the financial services provider’s stock valued at $592,000 after acquiring an additional 2,702 shares during the period. Byrne Asset Management LLC boosted its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 830 shares during the last quarter. Greenwood Capital Associates LLC boosted its holdings in shares of First Horizon by 5.3% in the 1st quarter. Greenwood Capital Associates LLC now owns 161,866 shares of the financial services provider’s stock valued at $3,143,000 after acquiring an additional 8,102 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of First Horizon by 286.9% in the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider’s stock worth $1,230,000 after acquiring an additional 46,975 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Trading Up 1.5%

Shares of NYSE:FHN opened at $19.52 on Thursday. The business’s 50 day moving average price is $19.02 and its 200-day moving average price is $19.82. First Horizon Corporation has a 1 year low of $14.34 and a 1 year high of $22.44. The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. The business had revenue of $823.69 million for the quarter, compared to the consensus estimate of $825.11 million. During the same period last year, the firm posted $0.35 earnings per share. On average, equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Friday, June 13th. First Horizon’s dividend payout ratio is presently 41.67%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Truist Financial initiated coverage on shares of First Horizon in a research report on Tuesday, May 13th. They set a “hold” rating and a $21.00 target price for the company. Jefferies Financial Group assumed coverage on First Horizon in a research note on Wednesday, May 21st. They issued a “buy” rating and a $25.00 target price on the stock. Barclays dropped their target price on First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Baird R W raised First Horizon from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, Raymond James Financial dropped their price objective on shares of First Horizon from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 2nd. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.53.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.