William Blair Investment Management LLC Takes Position in First Horizon Corporation $FHN

Key Points

• William Blair Investment Management LLC has acquired a new stake in First Horizon Corporation, purchasing approximately 3.76 million shares valued at around $79.8 million, representing a 0.74% ownership in the company.
• First Horizon announced a quarterly dividend of $0.15 per share, reflecting a 3.0% dividend yield and a payout ratio of 36.36%.
• Research analysts provide mixed ratings on First Horizon stock, with an average target price of $24.47 and a consensus rating of "Moderate Buy".

William Blair Investment Management LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,763,010 shares of the financial services provider's stock, valued at approximately $79,776,000. William Blair Investment Management LLC owned approximately 0.74% of First Horizon at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FHN. Cambridge Investment Research Advisors Inc. raised its holdings 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 worth $1,496,000 after acquiring an additional 1,481 shares during the period. Cerity Partners LLC raised 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 worth $2,458,000 after acquiring an additional 22,852 shares during the period. Brown Advisory Inc. raised 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 worth $1,341,000 after acquiring an additional 8,110 shares during the period. Cary Street Partners Financial LLC raised 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 worth $2,933,000 after acquiring an additional 132,481 shares during the period. Finally, Baird Financial Group Inc. bought a new position in First Horizon in the 1st quarter worth $7,506,000. Institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FHN shares. DA Davidson reiterated a "neutral" rating and issued a $24.00 target price on shares of First Horizon in a report on Thursday. Robert W. Baird set a $25.00 target price on shares of First Horizon in a report on Wednesday. Cowen started coverage on shares of First Horizon in a report on Wednesday, September 24th. They issued a "hold" rating on the stock. Truist Financial boosted their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a "hold" rating in a report on Wednesday, September 24th. Finally, Jefferies Financial Group set a $25.00 price objective on shares of First Horizon and gave the stock a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.47.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares of the company's stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.87% of the stock is currently owned by insiders.

First Horizon Stock Performance

NYSE:FHN opened at $20.28 on Friday. The firm's 50-day moving average is $22.39 and its 200-day moving average is $20.75. First Horizon Corporation has a 52-week low of $15.19 and a 52-week high of $23.70. 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 company has a market cap of $10.30 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 0.83 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. The business had revenue of $849.00 million for the quarter, compared to analyst estimates of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The firm's revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 EPS. Equities research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 3.0%. First Horizon's payout ratio is presently 36.36%.

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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