26,355 Shares in First Horizon Corporation $FHN Purchased by Westpac Banking Corp

Westpac Banking Corp purchased a new stake in First Horizon Corporation (NYSE:FHN) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 26,355 shares of the financial services provider’s stock, valued at approximately $600,000.

Several other institutional investors also recently bought and sold shares of the company. Invesco Ltd. lifted its position in shares of First Horizon by 5.6% in the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider’s stock valued at $192,007,000 after acquiring an additional 426,951 shares in the last quarter. Norges Bank purchased a new stake in shares of First Horizon during the fourth quarter worth approximately $153,942,000. William Blair Investment Management LLC increased its position in shares of First Horizon by 2.2% during the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after purchasing an additional 116,191 shares in the last quarter. Morgan Stanley raised its stake in First Horizon by 10.4% in the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider’s stock valued at $124,580,000 after purchasing an additional 491,464 shares during the last quarter. Finally, Freestone Grove Partners LP raised its stake in First Horizon by 25.3% in the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock valued at $108,267,000 after purchasing an additional 967,219 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Performance

NYSE FHN opened at $25.48 on Friday. 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’s fifty day moving average is $24.90 and its two-hundred day moving average is $24.32. The firm has a market capitalization of $12.09 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.02 and a beta of 0.60. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56.

First Horizon (NYSE:FHN) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period last year, the company earned $0.45 EPS. On average, research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is presently 32.54%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FHN. Truist Financial lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research report on Thursday, April 16th. Barclays decreased their price target on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $27.16.

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.