Cullen Capital Management LLC Grows Stake in First Horizon Corporation $FHN

Cullen Capital Management LLC grew its position in First Horizon Corporation (NYSE:FHN) by 3,401.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,030,457 shares of the financial services provider’s stock after purchasing an additional 1,972,461 shares during the period. Cullen Capital Management LLC’s holdings in First Horizon were worth $48,528,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FHN. Goldman Sachs Group Inc. grew its holdings in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares during the last quarter. Federated Hermes Inc. grew its holdings in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FHN has been the topic of several analyst reports. Barclays cut their price target on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Citigroup lifted their price target on shares of First Horizon from $28.00 to $28.50 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Keefe, Bruyette & Woods lifted their price target on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Finally, Wells Fargo & Company lifted their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 30th. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, First Horizon presently has an average rating of “Hold” and a consensus price target of $26.45.

First Horizon Price Performance

Shares of FHN opened at $25.14 on Friday. The firm has a market capitalization of $11.93 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 0.98 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. First Horizon Corporation has a 1-year low of $19.03 and a 1-year high of $26.56. The company’s fifty day moving average price is $24.21 and its 200-day moving average price is $23.91.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share. On average, equities research analysts predict that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon’s payout ratio is 34.00%.

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.