Allianz Asset Management GmbH Invests $6.42 Million in First Horizon Corporation $FHN

Allianz Asset Management GmbH bought a new position in First Horizon Corporation (NYSE:FHN) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 283,761 shares of the financial services provider’s stock, valued at approximately $6,416,000. Allianz Asset Management GmbH owned approximately 0.06% of First Horizon as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FHN. Wellington Shields Capital Management LLC boosted its holdings in First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after purchasing an additional 514 shares during the period. Inspire Investing LLC raised its position in shares of First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after buying an additional 624 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock valued at $39,000 after buying an additional 635 shares during the period. Concurrent Investment Advisors LLC grew its position in First Horizon by 2.9% during the third quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider’s stock worth $541,000 after buying an additional 672 shares in the last quarter. Finally, Allen Capital Group LLC increased its stake in First Horizon by 1.2% in the 3rd quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider’s stock worth $1,376,000 after acquiring an additional 732 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FHN shares. Deutsche Bank Aktiengesellschaft started coverage on First Horizon in a report on Tuesday, December 16th. They issued a “buy” rating and a $28.00 price objective for the company. Evercore reaffirmed an “in-line” rating and issued a $20.00 target price (down previously from $26.00) on shares of First Horizon in a research note on Thursday, October 16th. Robert W. Baird downgraded shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. DA Davidson boosted their price objective on shares of First Horizon from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, January 16th. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $26.63.

Insiders Place Their Bets

In other news, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total transaction of $139,257.65. Following the completion of the sale, the executive vice president directly owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jeff L. Fleming sold 7,619 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the transaction, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.04% of the company’s stock.

First Horizon Price Performance

NYSE FHN opened at $26.07 on Tuesday. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.99 and a beta of 0.63. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The business’s fifty day moving average price is $24.23 and its 200-day moving average price is $22.77.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $892.00 million for the quarter, compared to analysts’ expectations of $863.87 million. First Horizon had a return on equity of 11.21% and a net margin of 19.67%.During the same period in the previous year, the firm earned $0.43 EPS. On average, equities analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.6%. First Horizon’s payout ratio is presently 31.91%.

First Horizon announced that its board has authorized a stock buyback plan on Monday, October 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

First Horizon 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.