Invst LLC Makes New Investment in First Horizon Corporation $FHN

Invst LLC acquired a new stake in First Horizon Corporation (NYSE:FHN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 36,788 shares of the financial services provider’s stock, valued at approximately $943,000.

Several other large investors have also modified their holdings of the company. Jupiter Topco LLC purchased a new position in shares of First Horizon during the second quarter worth approximately $5,359,000. Hsbc Holdings PLC purchased a new stake in First Horizon in the 2nd quarter valued at $3,837,000. EFG International AG acquired a new stake in First Horizon during the 2nd quarter worth $1,893,000. Ancora Advisors LLC purchased a new position in First Horizon during the 2nd quarter worth $42,000. Finally, Expect Equity LLC acquired a new position in First Horizon in the second quarter valued at $4,084,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FHN. National Bank Financial set a $29.00 target price on shares of First Horizon in a report on Thursday, July 16th. Wall Street Zen downgraded First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Wells Fargo & Company assumed coverage on First Horizon in a research report on Monday, August 10th. They set an “equal weight” rating and a $28.00 price objective for the company. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. Finally, Truist Financial upped their price target on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $27.26.

Insider Buying and Selling at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.91% of the stock is currently owned by company insiders.

First Horizon Trading Down 0.3%

NYSE FHN opened at $24.45 on Wednesday. The stock has a market capitalization of $11.59 billion, a P/E ratio of 11.70, a P/E/G ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The firm has a 50-day moving average price of $25.47 and a 200 day moving average price of $24.48. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter last year, the firm earned $0.45 earnings per share. Equities research analysts expect that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

About First Horizon

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.