First Horizon Corporation $FHN Shares Acquired by Brandywine Global Investment Management LLC

Key Points

• Brandywine Global Investment Management LLC increased its stake in First Horizon Corporation by 9.5%, now holding 156,917 shares worth approximately $3.05 million.
• Analysts have raised their price targets for First Horizon, with Royal Bank of Canada setting a target of $24.00 and Barclays increasing it to $26.00.
• First Horizon announced a quarterly dividend of $0.15 per share, with a dividend yield of 2.7%, set to be paid on October 1st.

Brandywine Global Investment Management LLC boosted its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 156,917 shares of the financial services provider's stock after purchasing an additional 13,566 shares during the period. Brandywine Global Investment Management LLC's holdings in First Horizon were worth $3,047,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FHN. Millennium Management LLC boosted its position in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after buying an additional 6,827,040 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of First Horizon in the fourth quarter worth about $75,485,000. Invesco Ltd. lifted its position in shares of First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after buying an additional 2,968,012 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of First Horizon in the first quarter worth about $46,640,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on FHN shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Barclays boosted their price target on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Citigroup boosted their price objective on First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Jefferies Financial Group initiated coverage on First Horizon in a research report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective for the company. Finally, Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.28.

Insider Activity at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the sale, the executive vice president owned 550,011 shares in the company, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.04% of the company's stock.

First Horizon Trading Up 0.6%

Shares of FHN opened at $21.99 on Tuesday. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.00. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.17 billion, a price-to-earnings ratio of 14.19, a P/E/G ratio of 1.04 and a beta of 0.65. The stock's 50-day moving average price is $21.36 and its 200 day moving average price is $20.12.

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

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio is currently 38.71%.

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.

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