EFG International AG Purchases New Shares in First Horizon Corporation $FHN

EFG International AG acquired a new position in First Horizon Corporation (NYSE:FHN) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 73,774 shares of the financial services provider’s stock, valued at approximately $1,893,000.

Other hedge funds have also recently modified their holdings of the company. Ancora Advisors LLC purchased a new position in First Horizon during the 2nd quarter valued at about $42,000. Expect Equity LLC purchased a new stake in First Horizon in the second quarter worth about $4,084,000. Primecap Management Co. CA purchased a new stake in First Horizon in the second quarter worth about $57,103,000. Canada Pension Plan Investment Board bought a new position in shares of First Horizon during the second quarter valued at approximately $1,531,000. Finally, Legal & General Group Plc bought a new position in shares of First Horizon during the second quarter valued at approximately $16,673,000. Institutional investors own 80.28% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FHN. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st. Truist Financial increased their target price on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Raymond James Financial raised their price target on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Wall Street Zen lowered First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $27.26.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.91% of the company’s stock.

First Horizon Price Performance

NYSE FHN opened at $24.56 on Thursday. The company has a market capitalization of $11.64 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The business’s fifty day moving average is $25.47 and its 200 day moving average is $24.47. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56.

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

First Horizon Dividend Announcement

The business also recently announced 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 payout ratio is 32.54%.

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.