Commerce Bank Invests $821,000 in First Horizon Corporation $FHN

Commerce Bank acquired a new stake in shares of First Horizon Corporation (NYSE:FHN) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 32,017 shares of the financial services provider’s stock, valued at approximately $821,000.

A number of other institutional investors have also recently made changes to their positions in FHN. Kestra Investment Management LLC increased its position in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. Basecamp Wealth Advisors LLC boosted its holdings in First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 746 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 1,874 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of First Horizon during the fourth quarter worth about $51,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analysts Set New Price Targets

FHN has been the subject of several research analyst reports. Weiss Ratings raised shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Evercore set a $27.00 price target on shares of First Horizon in a research note on Monday, July 6th. Fundamental Research set a $28.50 price target on shares of First Horizon in a research note on Wednesday, July 1st. Finally, Raymond James Financial raised their price target 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. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $27.26.

Insider Activity at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.91% of the stock is owned by company insiders.

First Horizon Trading Up 0.6%

First Horizon stock opened at $24.56 on Thursday. The stock has a 50-day moving average price of $25.47 and a 200 day moving average price of $24.47. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 11.75, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. 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 (NYSE:FHN) last issued its quarterly 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 net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the company earned $0.45 EPS. Sell-side analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

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 $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is 32.54%.

First Horizon 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.