Nuveen LLC Purchases New Position in First Horizon Corporation (NYSE:FHN)

Key Points

• Nuveen LLC has acquired a new stake in First Horizon Corporation, purchasing over 2.4 million shares valued at approximately $46.6 million, which amounts to about 0.47% ownership of the company.
• First Horizon reported an earnings per share of $0.45 for the last quarter, exceeding expectations, and also announced a quarterly dividend of $0.15 per share set to be paid on October 1st.
• Analysts have generally rated First Horizon positively, with an average target price of $23.28, suggesting potential upside for investors, as several ratings have been upgraded recently.

Nuveen LLC purchased a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,401,632 shares of the financial services provider's stock, valued at approximately $46,640,000. Nuveen LLC owned about 0.47% of First Horizon as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its stake in First Horizon by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock valued at $1,496,000 after buying an additional 1,481 shares during the last quarter. Cerity Partners LLC boosted its holdings in First Horizon by 22.0% in the 1st quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock valued at $2,458,000 after purchasing an additional 22,852 shares during the period. Brown Advisory Inc. boosted its holdings in First Horizon by 13.3% in the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock valued at $1,341,000 after purchasing an additional 8,110 shares during the period. Cary Street Partners Financial LLC boosted its holdings in First Horizon by 713.3% in the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock valued at $2,933,000 after purchasing an additional 132,481 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in First Horizon by 286.9% in the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock valued at $1,230,000 after purchasing an additional 46,975 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN opened at $22.28 on Friday. The company has a market cap of $11.31 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.05 and a beta of 0.65. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $21.30 and a 200 day simple moving average of $20.14. 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 issued its quarterly earnings data 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 business had revenue of $830.19 million during 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 in the prior year, the firm earned $0.36 EPS. Research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

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

Insider Activity at First Horizon

In other First Horizon news, 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 transaction, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction that occurred 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 owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Keefe, Bruyette & Woods cut their price objective on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Jefferies Financial Group assumed coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Finally, Barclays boosted their price objective on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $23.28.

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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