Healthcare of Ontario Pension Plan Trust Fund Makes New $27.31 Million Investment in First Horizon Corporation $FHN

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 1,200,000 shares of the financial services provider’s stock, valued at approximately $27,312,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FHN. Goldman Sachs Group Inc. lifted its stake in shares of First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock valued at $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of First Horizon by 156.7% during the first 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 in the last quarter. EverSource Wealth Advisors LLC grew its stake in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock worth $174,000 after purchasing an additional 3,835 shares during the period. Federated Hermes Inc. grew its stake in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock worth $1,147,000 after purchasing an additional 4,507 shares during the period. Finally, Cerity Partners LLC grew its stake in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock worth $3,241,000 after purchasing an additional 26,323 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

Shares of NYSE FHN opened at $25.51 on Monday. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The firm has a market cap of $12.11 billion, a P/E ratio of 12.20, a PEG ratio of 1.01 and a beta of 0.60. The company has a 50 day moving average of $24.94 and a 200 day moving average of $24.32. 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 released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The business had revenue of $890.00 million for the quarter, compared to analysts’ expectations of $878.42 million. During the same period in the prior year, the firm posted $0.45 EPS. As a group, research analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon’s dividend payout ratio is presently 32.54%.

Analyst Ratings Changes

Several equities analysts have commented on FHN shares. Evercore set a $27.00 price objective on First Horizon in a research report on Monday, July 6th. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. JPMorgan Chase & Co. decreased their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Finally, Barclays dropped their price objective on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $27.16.

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.