Baird Financial Group Inc. Purchases Shares of 386,529 First Horizon Corporation $FHN

Key Points

• Baird Financial Group Inc. has acquired 386,529 shares of First Horizon Corporation, valued at about $7.5 million, representing an ownership stake of approximately 0.08% as of the end of the most recent quarter.
• First Horizon recently announced a dividend of $0.15 per share, with an annualized yield of 2.7%, to be paid out on October 1st to investors of record.
• The stock's consensus rating is currently "Moderate Buy," with several analysts raising their price targets, reflecting a positive outlook following a quarterly earnings report that surpassed expectations.

Baird Financial Group Inc. purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 386,529 shares of the financial services provider's stock, valued at approximately $7,506,000. Baird Financial Group Inc. owned approximately 0.08% of First Horizon at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FHN. Aptus Capital Advisors LLC acquired a new position in First Horizon during the 4th quarter valued at approximately $238,000. Cary Street Partners Financial LLC acquired a new position in First Horizon during the 4th quarter valued at approximately $374,000. Crestline Management LP increased its stake in First Horizon by 213.7% during the 4th quarter. Crestline Management LP now owns 139,626 shares of the financial services provider's stock valued at $2,812,000 after purchasing an additional 95,117 shares in the last quarter. Fiduciary Trust Co acquired a new position in First Horizon during the 4th quarter valued at approximately $308,000. Finally, Expect Equity LLC acquired a new position in First Horizon during the 4th quarter valued at approximately $3,324,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Up 0.2%

FHN stock opened at $22.46 on Thursday. The firm has a market cap of $11.40 billion, a PE ratio of 14.49, a P/E/G ratio of 1.07 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm's fifty day moving average is $21.98 and its 200 day moving average is $20.17. First Horizon Corporation has a one year low of $14.82 and a one year high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the business earned $0.36 earnings per share. On average, research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Wells Fargo & Company increased their price objective on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Finally, Citigroup increased their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,295 shares of company stock worth $3,322,663. 1.04% of the stock is owned by company insiders.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.

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