Russell Investments Group Ltd. Buys 107,218 Shares of First Horizon Corporation $FHN

Russell Investments Group Ltd. grew its holdings in First Horizon Corporation (NYSE:FHN) by 66.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,744 shares of the financial services provider’s stock after acquiring an additional 107,218 shares during the period. Russell Investments Group Ltd.’s holdings in First Horizon were worth $5,238,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in FHN. Millennium Management LLC lifted its position in shares of First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider’s stock valued at $428,686,000 after acquiring an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider’s stock valued at $165,199,000 after acquiring an additional 6,827,040 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of First Horizon in the fourth quarter valued at about $75,485,000. Invesco Ltd. lifted its position in shares of First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after acquiring an additional 2,968,012 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of First Horizon in the first quarter valued at about $46,640,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FHN shares. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a “neutral” rating in a research report on Tuesday, July 1st. Barclays boosted their price objective on First Horizon from $23.00 to $26.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their target price on First Horizon from $20.00 to $23.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $24.00 target price (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Citigroup lifted their target price on First Horizon from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.28.

Insider Activity at First Horizon

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the sale, the executive vice president directly owned 550,011 shares of the company’s stock, valued at $12,210,244.20. The trade was a 6.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Tammy Locascio sold 10,285 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

First Horizon Trading Up 0.6%

Shares of NYSE FHN opened at $21.9450 on Friday. The business’s 50 day moving average is $21.47 and its two-hundred day moving average is $20.15. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. The stock has a market capitalization of $11.14 billion, a P/E ratio of 14.16, a PEG ratio of 1.03 and a beta of 0.65.

First Horizon (NYSE:FHN) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million for the quarter, compared to analysts’ expectations of $832.95 million. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, research analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon’s payout ratio is presently 38.71%.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.