First Horizon Corporation $FHN Shares Purchased by Johnson Investment Counsel Inc.

Key Points

• Johnson Investment Counsel Inc. increased its shares of First Horizon Corporation by 13.2% in the second quarter, owning approximately 3,152,122 shares valued at $66.8 million.
• Analysts have upgraded First Horizon's price targets, with Citigroup raising it to $26.00 and Barclays to $29.00, reflecting a generally positive outlook from multiple research firms.
• The company recently paid a quarterly dividend of $0.15 per share, yielding an annualized dividend of 2.7% and a payout ratio of 38.71%.

Johnson Investment Counsel Inc. grew its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 13.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,152,122 shares of the financial services provider's stock after acquiring an additional 366,345 shares during the quarter. Johnson Investment Counsel Inc. owned about 0.62% of First Horizon worth $66,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Horizon by 53.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock worth $244,594,000 after buying an additional 4,392,405 shares during the period. Invesco Ltd. boosted its holdings in First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock valued at $131,192,000 after purchasing an additional 2,968,012 shares during the last quarter. Nuveen LLC purchased a new position in First Horizon in the first quarter valued at about $46,640,000. Sculptor Capital LP lifted its holdings in First Horizon by 59.0% during the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock worth $94,517,000 after buying an additional 1,806,000 shares during the last quarter. Finally, Phoenix Financial Ltd. bought a new position in First Horizon during the 1st quarter worth approximately $29,395,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FHN shares. Truist Financial increased their price target on First Horizon from $23.00 to $24.00 and gave the stock a "hold" rating in a research report on Wednesday, September 24th. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday. Citigroup raised their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Evercore ISI lifted their target price on First Horizon from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Tuesday, September 30th. Finally, Barclays lifted their target price on shares of First Horizon from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and a consensus price target of $24.94.

First Horizon Stock Down 4.8%

FHN opened at $22.30 on Friday. 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 business has a 50 day moving average price of $22.41 and a 200 day moving average price of $20.69. The firm has a market cap of $11.32 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 1.04 and a beta of 0.67. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.63.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate 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 firm posted $0.36 EPS. Research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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

Insider Buying and Selling at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the company's 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 completion of the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David T. Popwell sold 100,000 shares of the business's 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 completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,295 shares of company stock valued at $3,322,663. Corporate insiders own 0.87% of the company's stock.

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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