Cullen Capital Management LLC Makes New $46.97 Million Investment in First Horizon Corporation $FHN

Cullen Capital Management LLC bought a new position in shares of First Horizon Corporation (NYSE:FHN) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,831,996 shares of the financial services provider’s stock, valued at approximately $46,972,000.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in First Horizon in the 2nd quarter worth about $1,505,239,000. Bank of New York Mellon Corp bought a new stake in First Horizon during the 2nd quarter valued at about $747,445,000. North Reef Capital Management LP boosted its position in First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after buying an additional 2,936,368 shares during the period. Invesco Ltd. boosted its position in First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock valued at $192,007,000 after buying an additional 426,951 shares during the period. Finally, Norges Bank bought a new position in First Horizon in the 4th quarter worth about $153,942,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.91% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FHN has been the topic of a number of research reports. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Truist Financial boosted their price target on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a report on Friday, July 10th. Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Evercore set a $27.00 price objective on First Horizon in a report on Monday, July 6th. Finally, Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.26.

First Horizon Stock Down 0.4%

Shares of First Horizon stock opened at $24.54 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 0.98 and a beta of 0.61. The firm’s 50-day moving average is $25.48 and its two-hundred day moving average is $24.49. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56.

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

First Horizon Announces Dividend

The firm also recently disclosed 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. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

About First Horizon

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.