William Blair Investment Management LLC Raises Stock Holdings in First Horizon Corporation $FHN

William Blair Investment Management LLC boosted its holdings in shares of First Horizon Corporation (NYSE:FHN) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,336,021 shares of the financial services provider’s stock after purchasing an additional 116,191 shares during the quarter. William Blair Investment Management LLC owned approximately 1.08% of First Horizon worth $127,531,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FHN. Goldman Sachs Group Inc. raised its holdings in shares of First Horizon by 102.5% during the first 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 last quarter. Geneos Wealth Management Inc. increased its stake in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake 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 acquiring an additional 3,835 shares during the last quarter. Federated Hermes Inc. increased its stake 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 acquiring an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of 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 buying an additional 26,323 shares in the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

First Horizon Stock Performance

NYSE FHN opened at $24.26 on Friday. The business’s 50 day moving average is $23.57 and its two-hundred day moving average is $23.61. The stock has a market capitalization of $11.51 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.95 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $19.03 and a 12-month high of $26.56.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders 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 dividend yield of 2.8%. First Horizon’s payout ratio is 34.00%.

Analyst Ratings Changes

FHN has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price objective on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Citigroup lifted their price target on First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. DA Davidson reaffirmed a “neutral” rating and set a $26.00 price target on shares of First Horizon in a report on Thursday, April 16th. JPMorgan Chase & Co. cut their target price on First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Finally, Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.45.

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.