Burney Co. Purchases New Position in First Horizon Corporation $FHN

Burney Co. acquired a new position in shares of First Horizon Corporation (NYSE:FHN) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 179,953 shares of the financial services provider’s stock, valued at approximately $4,096,000.

Other institutional investors also recently bought and sold shares of the company. Thoroughbred Financial Services LLC lifted its holdings in shares of First Horizon by 3.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider’s stock worth $335,000 after buying an additional 457 shares during the period. Illinois Municipal Retirement Fund grew its holdings in First Horizon by 0.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider’s stock worth $1,641,000 after acquiring an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in First Horizon by 1.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider’s stock valued at $963,000 after purchasing an additional 507 shares during the period. Aaron Wealth Advisors LLC increased its position in First Horizon by 5.4% during the 4th quarter. Aaron Wealth Advisors LLC now owns 9,905 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 511 shares during the period. Finally, Sanctuary Advisors LLC raised its holdings in shares of First Horizon by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider’s stock valued at $378,000 after purchasing an additional 537 shares in the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on FHN. Zacks Research downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. UBS Group downgraded shares of First Horizon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. DA Davidson restated a “neutral” rating and set a $26.00 target price on shares of First Horizon in a report on Thursday, April 16th. Wells Fargo & Company increased their target price on First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Raymond James Financial lifted their price target on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.12.

First Horizon Price Performance

Shares of FHN opened at $25.77 on Wednesday. The company has a 50 day moving average of $24.63 and a two-hundred day moving average of $24.21. 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 Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a market cap of $12.23 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping 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 business had revenue of $865.00 million for the quarter, compared to the consensus estimate of $869.49 million. During the same period in the prior year, the firm posted $0.42 earnings per share. The business’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts predict that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

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

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.