Brandywine Global Investment Management LLC Raises Holdings in First Horizon Corporation $FHN

Brandywine Global Investment Management LLC lifted its holdings in shares of First Horizon Corporation (NYSE:FHN) by 52.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 562,604 shares of the financial services provider’s stock after purchasing an additional 194,406 shares during the period. Brandywine Global Investment Management LLC’s holdings in First Horizon were worth $13,446,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Invesco Ltd. increased its stake in shares of First Horizon by 8.5% during the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider’s stock worth $171,990,000 after purchasing an additional 595,869 shares in the last quarter. Norges Bank purchased a new stake in First Horizon in the 4th quarter worth approximately $153,942,000. William Blair Investment Management LLC grew its stake in First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock worth $127,531,000 after acquiring an additional 116,191 shares during the period. Freestone Grove Partners LP grew its stake in First Horizon by 25.3% in the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider’s stock worth $108,267,000 after acquiring an additional 967,219 shares during the period. Finally, Principal Financial Group Inc. grew its stake in First Horizon by 28.4% in the 4th quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider’s stock worth $91,993,000 after acquiring an additional 852,109 shares during the period. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on FHN. UBS Group cut shares of First Horizon from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Wells Fargo & Company lifted their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, March 30th. Finally, Autonomous Res cut shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Nine research 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. According to MarketBeat, First Horizon currently has an average rating of “Hold” and an average price target of $26.45.

First Horizon Stock Up 0.4%

Shares of FHN opened at $24.27 on Tuesday. The firm has a market cap of $11.52 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 0.94 and a beta of 0.60. The company’s fifty day moving average is $24.01 and its two-hundred day moving average is $23.83. First Horizon Corporation has a fifty-two week low of $19.03 and a fifty-two week high of $26.56. The company has a quick ratio of 0.96, a current 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. The company had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. First Horizon’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. Analysts forecast that First Horizon Corporation will post 2.16 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, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, June 12th. First Horizon’s dividend payout ratio (DPR) is 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.