Westpac Banking Corp Invests $600,000 in First Horizon Corporation $FHN

Westpac Banking Corp bought a new position in shares of First Horizon Corporation (NYSE:FHN) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,355 shares of the financial services provider’s stock, valued at approximately $600,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in First Horizon during the 4th quarter worth about $153,942,000. Artemis Investment Management LLP acquired a new position in shares of First Horizon in the 4th quarter valued at about $90,319,000. Cullen Capital Management LLC boosted its stake in shares of First Horizon by 3,401.0% in the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider’s stock worth $48,528,000 after buying an additional 1,972,461 shares during the last quarter. HRT Financial LP purchased a new stake in shares of First Horizon in the fourth quarter worth about $42,600,000. Finally, Qube Research & Technologies Ltd grew its holdings in First Horizon by 419.7% during the third quarter. Qube Research & Technologies Ltd now owns 1,989,925 shares of the financial services provider’s stock worth $44,992,000 after acquiring an additional 1,607,028 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Performance

Shares of FHN stock opened at $25.48 on Friday. The company has a market capitalization of $12.09 billion, a P/E ratio of 12.19, a P/E/G ratio of 1.02 and a beta of 0.60. The business’s 50 day moving average is $24.90 and its two-hundred day moving average is $24.32. The company has a current ratio of 0.97, a quick ratio of 0.96 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.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to analysts’ expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the previous year, the business earned $0.45 earnings per share. Analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon’s payout ratio is presently 32.54%.

Analysts Set New Price Targets

A number of brokerages have issued reports on FHN. Wells Fargo & Company boosted their price target on First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Barclays dropped their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. JPMorgan Chase & Co. decreased their target price 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. Finally, Keefe, Bruyette & Woods raised their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Nine 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.16.

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.