CWA Asset Management Group LLC Makes New $2.40 Million Investment in First Horizon Corporation (NYSE:FHN)

CWA Asset Management Group LLC bought a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 123,658 shares of the financial services provider's stock, valued at approximately $2,401,000.

Other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp acquired a new stake in shares of First Horizon during the 4th quarter worth about $30,000. Byrne Asset Management LLC boosted its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after acquiring an additional 830 shares in the last quarter. Lee Danner & Bass Inc. bought a new stake in First Horizon during the 4th quarter worth approximately $50,000. Farther Finance Advisors LLC increased its holdings in First Horizon by 29.9% during the 4th quarter. Farther Finance Advisors LLC now owns 2,568 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 591 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 1,975 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of FHN stock traded up $0.31 during trading hours on Friday, hitting $19.82. 1,911,583 shares of the company's stock were exchanged, compared to its average volume of 6,026,023. The company has a market capitalization of $10.05 billion, a PE ratio of 13.75, a PEG ratio of 1.00 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.20. First Horizon Corporation has a 12-month low of $14.34 and a 12-month high of $22.44. The business's 50 day simple moving average is $19.07 and its 200-day simple moving average is $19.81.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 16.13% and a return on equity of 10.33%. The company had revenue of $823.69 million for the quarter, compared to analysts' expectations of $825.11 million. During the same quarter last year, the company earned $0.35 EPS. On average, equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a dividend yield of 3.03%. First Horizon's dividend payout ratio is currently 41.67%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of research reports. Bank of America raised their target price on First Horizon from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Citigroup boosted their target price on shares of First Horizon from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Jefferies Financial Group initiated coverage on shares of First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target on the stock. Barclays lowered their price target on shares of First Horizon from $25.00 to $23.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Robert W. Baird raised First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective on the stock in a report on Monday, April 7th. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.53.

About First Horizon

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.