Truist Financial Corp Purchases 21,475 Shares of First Horizon Co. (NYSE:FHN)

Truist Financial Corp boosted its position in shares of First Horizon Co. (NYSE:FHN) by 48.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,402 shares of the financial services provider’s stock after buying an additional 21,475 shares during the quarter. Truist Financial Corp’s holdings in First Horizon were worth $1,031,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in shares of First Horizon during the first quarter worth about $25,000. Family Firm Inc. purchased a new stake in First Horizon in the 2nd quarter worth approximately $28,000. Nemes Rush Group LLC grew its position in shares of First Horizon by 306.2% in the 2nd quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock worth $29,000 after buying an additional 1,378 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in shares of First Horizon during the first quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC raised its holdings in shares of First Horizon by 129.3% during the first quarter. Fortitude Family Office LLC now owns 1,954 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,102 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FHN. StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, July 20th. Wedbush downgraded shares of First Horizon from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $17.00 in a research report on Tuesday, September 24th. Raymond James downgraded First Horizon from a “strong-buy” rating to an “outperform” rating and set a $18.00 price objective for the company. in a research note on Thursday, July 18th. Barclays raised their price target on First Horizon from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, June 24th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price on shares of First Horizon in a report on Tuesday, August 6th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.38.

First Horizon Stock Up 3.8 %

Shares of FHN stock opened at $16.38 on Monday. First Horizon Co. has a twelve month low of $10.16 and a twelve month high of $17.46. The stock has a market cap of $8.96 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.27 and a beta of 0.88. The stock has a 50 day moving average of $15.65 and a 200 day moving average of $15.52. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 17th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). First Horizon had a net margin of 14.03% and a return on equity of 8.84%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $819.82 million. During the same quarter in the prior year, the firm earned $0.39 earnings per share. As a group, sell-side analysts expect that First Horizon Co. will post 1.46 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Friday, September 13th. First Horizon’s dividend payout ratio (DPR) is presently 41.96%.

About First Horizon

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.