Northwestern Mutual Wealth Management Co. Buys 63,026 Shares of First Horizon Corporation $FHN

Northwestern Mutual Wealth Management Co. increased its stake in First Horizon Corporation (NYSE:FHN) by 158.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 102,815 shares of the financial services provider’s stock after purchasing an additional 63,026 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in First Horizon were worth $2,457,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. Berkeley Capital Partners LLC acquired a new stake in First Horizon in the fourth quarter valued at about $1,077,000. Baader Bank Aktiengesellschaft acquired a new stake in First Horizon in the fourth quarter valued at about $565,000. Carlson Capital L.P. acquired a new stake in First Horizon in the fourth quarter valued at about $695,000. Sequoia Financial Advisors LLC boosted its stake in First Horizon by 149.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 22,136 shares of the financial services provider’s stock valued at $529,000 after buying an additional 13,261 shares in the last quarter. Finally, Gateway Investment Advisers LLC boosted its stake in First Horizon by 111.3% in the fourth quarter. Gateway Investment Advisers LLC now owns 134,671 shares of the financial services provider’s stock valued at $3,219,000 after buying an additional 70,928 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FHN shares. Citigroup raised their price objective on First Horizon from $28.00 to $28.50 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Keefe, Bruyette & Woods raised their price objective on First Horizon from $25.00 to $26.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on First Horizon from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 1st. Finally, Weiss Ratings raised First Horizon from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average price target of $26.45.

First Horizon Stock Performance

Shares of FHN stock opened at $24.37 on Wednesday. The business’s 50-day moving average price is $23.66 and its 200-day moving average price is $23.66. First Horizon Corporation has a 12 month low of $19.03 and a 12 month high of $26.56. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 0.95 and a beta of 0.62. 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 (NYSE:FHN) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. First Horizon had a return on equity of 11.65% and a net margin of 20.54%.The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. During the same period last year, the firm posted $0.42 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts forecast that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is presently 34.00%.

About First Horizon

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.