Baird Financial Group Inc. Acquires Shares of 386,529 First Horizon Corporation $FHN

Baird Financial Group Inc. purchased a new position in First Horizon Corporation (NYSE:FHN) during the 1st quarter, HoldingsChannel reports. The fund purchased 386,529 shares of the financial services provider’s stock, valued at approximately $7,506,000.

Several other large investors also recently bought and sold shares of the business. Vident Advisory LLC raised its holdings in First Horizon by 142.5% in the 1st quarter. Vident Advisory LLC now owns 66,222 shares of the financial services provider’s stock valued at $1,286,000 after acquiring an additional 38,916 shares during the last quarter. Wealth Preservation Advisors LLC acquired a new stake in First Horizon in the 1st quarter valued at about $983,000. B. Metzler seel. Sohn & Co. AG raised its holdings in First Horizon by 17.1% in the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 40,189 shares of the financial services provider’s stock valued at $780,000 after acquiring an additional 5,862 shares during the last quarter. CreativeOne Wealth LLC raised its holdings in First Horizon by 50.8% in the 1st quarter. CreativeOne Wealth LLC now owns 17,261 shares of the financial services provider’s stock valued at $335,000 after acquiring an additional 5,812 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in First Horizon in the 1st quarter valued at about $4,469,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of FHN stock opened at $22.46 on Thursday. 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’s 50-day moving average is $21.98 and its two-hundred day moving average is $20.17. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.00. The company has a market capitalization of $11.40 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to analysts’ expectations of $832.95 million. During the same period last year, the business earned $0.36 earnings per share. Analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon’s dividend payout ratio (DPR) is currently 38.71%.

Analyst Ratings Changes

A number of analysts have commented on FHN shares. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, August 23rd. Barclays increased 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. JPMorgan Chase & Co. lifted their target price on shares of First Horizon from $19.50 to $22.50 and gave the stock a “neutral” rating in a research note on Tuesday, July 1st. Truist Financial lifted their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group initiated coverage on shares of First Horizon in a research note on Wednesday, May 21st. They set a “buy” rating and a $25.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $23.34.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company’s stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. 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. Company insiders own 1.04% 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.