ProShare Advisors LLC Purchases 20,703 Shares of First Horizon Corporation $FHN

ProShare Advisors LLC lifted its position in shares of First Horizon Corporation (NYSE:FHN) by 92.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,192 shares of the financial services provider’s stock after purchasing an additional 20,703 shares during the period. ProShare Advisors LLC’s holdings in First Horizon were worth $977,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Navigoe LLC acquired a new position in First Horizon during the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of First Horizon during the 3rd quarter worth approximately $25,000. Root Financial Partners LLC acquired a new position in shares of First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC raised its stake in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,458 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. Institutional investors own 80.28% of the company’s stock.

Analyst Ratings Changes

FHN has been the topic of several research reports. Truist Financial set a $27.00 price objective on shares of First Horizon in a report on Friday, January 9th. JPMorgan Chase & Co. lifted their target price on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Citigroup increased their price target on shares of First Horizon from $25.00 to $28.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. The Goldman Sachs Group set a $27.00 price objective on shares of First Horizon and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen upgraded First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, First Horizon currently has an average rating of “Moderate Buy” and an average target price of $26.63.

First Horizon Price Performance

Shares of First Horizon stock opened at $24.58 on Monday. 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 capitalization of $12.10 billion, a price-to-earnings ratio of 13.07, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $26.56. The company has a 50-day simple moving average of $24.41 and a two-hundred day simple moving average of $22.84.

First Horizon (NYSE:FHN) last announced its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The firm had revenue of $892.00 million for the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the prior year, the business posted $0.43 EPS. Analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Increases Dividend

The business 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. This is a boost from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon’s dividend payout ratio is 31.91%.

First Horizon announced that its board has authorized a stock buyback program on Monday, October 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Anthony J. Restel sold 5,719 shares of the 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 sale, the executive vice president directly owned 619,132 shares of the company’s stock, valued at approximately $15,075,864.20. This represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.04% of the stock is owned by corporate insiders.

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.