Cullen Frost Bankers Inc. Buys 2,150 Shares of First Horizon Corporation $FHN

Cullen Frost Bankers Inc. grew its stake in shares of First Horizon Corporation (NYSE:FHN) by 107.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,150 shares of the financial services provider’s stock after purchasing an additional 2,150 shares during the period. Cullen Frost Bankers Inc.’s holdings in First Horizon were worth $88,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Whittier Trust Co. purchased a new position in shares of First Horizon during the second quarter valued at about $148,000. DekaBank Deutsche Girozentrale purchased a new position in shares of First Horizon during the second quarter valued at about $113,000. Chicago Partners Investment Group LLC purchased a new position in shares of First Horizon during the second quarter valued at about $215,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of First Horizon during the second quarter valued at about $3,831,000. Finally, William Blair Investment Management LLC purchased a new position in shares of First Horizon during the second quarter valued at about $79,776,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company’s stock.

First Horizon Trading Up 1.6%

NYSE:FHN opened at $20.88 on Friday. The company’s 50 day moving average price is $22.27 and its 200-day moving average price is $20.90. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.70. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market cap of $10.60 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 0.84 and a beta of 0.67.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The firm had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $848.08 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were issued a $0.15 dividend. The ex-dividend date was Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is currently 36.36%.

Wall Street Analysts Forecast Growth

FHN has been the topic of several research analyst reports. Barclays boosted their price target on shares of First Horizon from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Wednesday, October 8th. Citigroup raised their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Cowen started coverage on shares of First Horizon in a research note on Wednesday, September 24th. They set a “hold” rating for the company. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Horizon in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.47.

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.