Concurrent Investment Advisors LLC Acquires 1,850 Shares of First Horizon Corporation $FHN

Concurrent Investment Advisors LLC increased its holdings in First Horizon Corporation (NYSE:FHN) by 8.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,254 shares of the financial services provider’s stock after buying an additional 1,850 shares during the period. Concurrent Investment Advisors LLC’s holdings in First Horizon were worth $493,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of FHN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock worth $244,594,000 after acquiring an additional 4,392,405 shares in the last quarter. Invesco Ltd. grew its stake in First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after purchasing an additional 2,968,012 shares during the last quarter. Nuveen LLC bought a new position in First Horizon in the first quarter worth about $46,640,000. Sculptor Capital LP lifted its position in shares of First Horizon by 59.0% during the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock valued at $94,517,000 after buying an additional 1,806,000 shares during the last quarter. Finally, Phoenix Financial Ltd. purchased a new stake in shares of First Horizon during the first quarter valued at about $29,395,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

NYSE:FHN opened at $20.28 on Friday. The firm’s fifty day moving average is $22.39 and its two-hundred day moving average is $20.75. The firm has a market cap of $10.30 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 0.83 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a one year low of $15.19 and a one year high of $23.70.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.42 earnings per share. Research analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, September 12th. First Horizon’s dividend payout ratio is presently 36.36%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of First Horizon from $25.00 to $23.00 and set an “equal weight” rating for the company in a research note on Thursday. Royal Bank Of Canada upped their price target on First Horizon from $24.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the company a “buy” rating in a report on Wednesday. Cowen began coverage on First Horizon in a research note on Wednesday, September 24th. They set a “hold” rating on the stock. Finally, DA Davidson reiterated a “neutral” rating and issued a $24.00 price target on shares of First Horizon in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. The trade was a 17.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by company insiders.

First Horizon Company Profile

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.