William Blair Investment Management LLC Acquires New Stake in First Horizon Corporation $FHN

William Blair Investment Management LLC bought a new position in shares of First Horizon Corporation (NYSE:FHN) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 4,808,223 shares of the financial services provider’s stock, valued at approximately $123,283,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. lifted its holdings in shares of First Horizon by 0.3% in the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider’s stock valued at $3,162,000 after purchasing an additional 425 shares in the last quarter. Thoroughbred Financial Services LLC grew its holdings in shares of First Horizon by 3.4% during the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock worth $335,000 after buying an additional 457 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of First Horizon by 0.7% during the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock worth $1,641,000 after buying an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after buying an additional 507 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its position in First Horizon by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after buying an additional 537 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. National Bank Financial set a $29.00 price objective on shares of First Horizon in a report on Thursday, July 16th. Fundamental Research set a $28.50 price objective on shares of First Horizon in a research report on Wednesday, July 1st. Truist Financial increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Finally, Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, First Horizon presently has an average rating of “Hold” and a consensus target price of $27.26.

First Horizon Trading Down 0.3%

First Horizon stock opened at $24.60 on Friday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market capitalization of $11.65 billion, a P/E ratio of 11.77, a PEG ratio of 0.98 and a beta of 0.61. The stock has a 50-day simple moving average of $25.48 and a 200 day simple moving average of $24.50.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same quarter in the prior year, the company earned $0.45 earnings per share. Analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s payout ratio is presently 32.54%.

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.