World Investment Advisors Acquires New Position in First Horizon Corporation $FHN

World Investment Advisors acquired a new position in First Horizon Corporation (NYSE:FHN) in the first quarter, HoldingsChannel reports. The institutional investor acquired 68,798 shares of the financial services provider’s stock, valued at approximately $1,566,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FHN. William Blair Investment Management LLC lifted its position in shares of First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after acquiring an additional 116,191 shares in the last quarter. Andrew Hill Investment Advisors Inc. purchased a new position in shares of First Horizon in the fourth quarter valued at $7,059,000. Hudson Bay Capital Management LP purchased a new position in shares of First Horizon in the 3rd quarter worth $13,792,000. Tectonic Advisors LLC purchased a new position in First Horizon in the fourth quarter worth about $4,423,000. Finally, Qsemble Capital Management LP boosted its holdings in shares of First Horizon by 303.3% in the 4th quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock worth $10,790,000 after purchasing an additional 339,508 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Trading Down 0.3%

Shares of FHN stock opened at $25.77 on Wednesday. The company’s 50-day moving average price is $24.63 and its 200-day moving average price is $24.21. The stock has a market cap of $12.23 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.01 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The business had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same quarter in the prior year, the company posted $0.42 EPS. The company’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon’s dividend payout ratio is currently 34.00%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FHN. Raymond James Financial increased their price target on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Barclays cut their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, First Horizon presently has an average rating of “Hold” and a consensus target price of $27.12.

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.