Northwestern Mutual Wealth Management Co. Invests $2.22 Million in First Horizon Corporation $FHN

Northwestern Mutual Wealth Management Co. purchased a new position in shares of First Horizon Corporation (NYSE:FHN) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 86,613 shares of the financial services provider’s stock, valued at approximately $2,221,000.

Several other large investors have also bought and sold shares of FHN. William Blair Investment Management LLC grew its holdings in First Horizon by 2.2% during the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after acquiring an additional 116,191 shares during the period. Renaissance Technologies LLC lifted its stake in shares of First Horizon by 158.0% in the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock valued at $12,295,000 after purchasing an additional 330,800 shares during the period. Focus Partners Advisor Solutions LLC bought a new position in shares of First Horizon in the 2nd quarter worth $1,616,000. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of First Horizon in the 2nd quarter worth $10,061,000. Finally, Qsemble Capital Management LP grew its stake in shares of First Horizon by 303.3% during the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock worth $10,790,000 after purchasing an additional 339,508 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares in the company, 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 document filed with the SEC, which is available at the SEC website. 0.91% of the stock is owned by corporate insiders.

First Horizon Price Performance

Shares of FHN opened at $24.54 on Tuesday. The stock has a 50 day simple moving average of $25.48 and a 200 day simple moving average of $24.49. 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 firm has a market capitalization of $11.62 billion, a PE ratio of 11.74, a P/E/G ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. 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 previous year, the firm posted $0.45 earnings per share. Sell-side analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently commented on FHN. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Evercore set a $27.00 target price on First Horizon in a research report on Monday, July 6th. Truist Financial upped their price target on First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. cut their price target 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. Finally, Fundamental Research set a $28.50 price objective on shares of First Horizon in a research note on Wednesday, July 1st. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $27.26.

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.