Commerce Bank Invests $821,000 in First Horizon Corporation $FHN

Commerce Bank bought a new position in First Horizon Corporation (NYSE:FHN) during the second quarter, Holdings Channel reports. The firm bought 32,017 shares of the financial services provider’s stock, valued at approximately $821,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in First Horizon in the second quarter valued at approximately $2,221,000. Quantbot Technologies LP purchased a new stake in First Horizon in the 2nd quarter worth approximately $2,727,000. Evolve Private Wealth LLC acquired a new stake in shares of First Horizon during the 2nd quarter worth approximately $249,000. William Blair Investment Management LLC acquired a new stake in shares of First Horizon during the 2nd quarter worth approximately $123,283,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of First Horizon during the 2nd quarter valued at approximately $239,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on FHN. JPMorgan Chase & Co. decreased their target price on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. UBS Group restated 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. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Evercore set a $27.00 target price on shares of First Horizon in a research note on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $27.26.

First Horizon Stock Up 0.6%

Shares of FHN opened at $24.56 on Thursday. The firm has a market cap of $11.64 billion, a P/E ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The stock’s 50 day moving average is $25.47 and its two-hundred day moving average is $24.47. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping 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 business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period in the prior year, the company posted $0.45 EPS. Analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.17 dividend. 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 payout ratio is presently 32.54%.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.91% of the company’s stock.

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.