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

Key Points

• William Blair Investment Management acquired 4.81 million First Horizon shares worth approximately $123.3 million, giving it a 1.01% stake. Institutional investors collectively own 80.28% of the company.
• First Horizon reported quarterly earnings of $0.54 per share, exceeding estimates of $0.52, while revenue reached $887 million. Analysts expect full-year earnings of approximately $2.15 per share.
• The company declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 2.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $27.26.

William Blair Investment Management LLC bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 4,808,223 shares of the financial services provider's stock, valued at approximately $123,283,000. William Blair Investment Management LLC owned about 1.01% of First Horizon as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Kestra Investment Management LLC increased its position in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after purchasing an additional 1,458 shares during the period. Geneos Wealth Management Inc. raised its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,095 shares during the last quarter. Basecamp Wealth Advisors LLC lifted its position in First Horizon by 56.2% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 746 shares during the period. Cary Street Partners Investment Advisory LLC lifted its position in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,874 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in shares of First Horizon in the 4th quarter valued at about $51,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Price Performance

FHN opened at $24.60 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The company has a fifty day simple moving average of $25.48 and a 200 day simple moving average of $24.50. The stock has a market cap of $11.65 billion, a P/E ratio of 11.77, a P/E/G ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period in the previous year, the company posted $0.45 earnings per share. On average, research analysts expect that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon's payout ratio is 32.54%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FHN. JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Truist Financial raised their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Raymond James Financial lifted their target price on shares of First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. National Bank Financial set a $29.00 target price on shares of First Horizon in a research report on Thursday, July 16th. Finally, Wells Fargo & Company initiated coverage on shares of First Horizon in a research report on Monday, August 10th. They set an "equal weight" rating and a $28.00 target price for the company. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $27.26.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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