86,613 Shares in First Horizon Corporation $FHN Purchased by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management purchased 86,613 First Horizon shares worth approximately $2.22 million in the second quarter. Institutional investors collectively own 80.28% of the company.
• First Horizon reported quarterly EPS of $0.54, exceeding analyst expectations of $0.52, while revenue of $887 million also surpassed estimates. The company declared a quarterly dividend of $0.17, equivalent to a 2.8% annual yield.
• FHN shares opened at $24.54, below the analyst consensus price target of $27.26; analysts’ overall rating is “Hold,” with nine Buy, ten Hold, and one Sell rating.

Northwestern Mutual Wealth Management Co. purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to its most recent 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.

Other hedge funds also recently modified their holdings of the company. William Blair Investment Management LLC lifted its position in First Horizon by 2.2% in 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 during the period. Renaissance Technologies LLC raised 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 buying an additional 330,800 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new stake in shares of First Horizon during the 2nd quarter valued at about $1,616,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of First Horizon during the 2nd quarter valued at about $10,061,000. Finally, Qsemble Capital Management LP increased its stake in First Horizon by 303.3% in the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider's stock valued at $10,790,000 after acquiring an additional 339,508 shares during the period. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Down 0.4%

Shares of NYSE FHN opened at $24.54 on Tuesday. The firm's 50-day simple moving average is $25.48 and its 200 day simple moving average is $24.49. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share 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 firm had revenue of $887.00 million during the quarter, compared to analysts' expectations of $878.42 million. During the same quarter last year, the company posted $0.45 EPS. On average, research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon's payout ratio is 32.54%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. UBS Group restated a "buy" rating on shares of First Horizon in a research note on Thursday, July 16th. Fundamental Research set a $28.50 target price on First Horizon in a research report on Wednesday, July 1st. Weiss Ratings upgraded First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Autonomous Res cut First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Finally, Wells Fargo & Company initiated coverage on shares of First Horizon in a report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 target price on the stock. Nine equities 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, the stock presently has an average rating of "Hold" and a consensus price target of $27.26.

Insiders Place Their Bets

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 stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company's stock, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by company insiders.

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.

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