First Horizon Corporation $FHN Shares Acquired by Machina Capital S.A.S.

Machina Capital S.A.S. raised its holdings in shares of First Horizon Corporation (NYSE:FHN) by 243.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 75,108 shares of the financial services provider’s stock after purchasing an additional 53,217 shares during the period. Machina Capital S.A.S.’s holdings in First Horizon were worth $1,729,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of First Horizon in the 2nd quarter worth $1,505,239,000. Bank of New York Mellon Corp acquired a new position in First Horizon during the 2nd quarter valued at about $747,445,000. William Blair Investment Management LLC acquired a new position in First Horizon during the 2nd quarter valued at about $123,283,000. Bank of America Corp DE acquired a new position in First Horizon during the 2nd quarter valued at about $96,739,000. Finally, Sculptor Capital LP purchased a new stake in First Horizon in the second quarter valued at about $84,612,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.91% of the stock is currently owned by insiders.

First Horizon Price Performance

NYSE FHN opened at $23.41 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.91. The stock’s fifty day moving average price is $23.52 and its 200 day moving average price is $24.25. First Horizon Corporation has a 1 year low of $20.40 and a 1 year high of $26.56. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 0.98 and a beta of 0.62.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.18 million. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. During the same quarter in the previous year, the firm posted $0.51 EPS. As a group, equities research analysts forecast that First Horizon Corporation will post 2.14 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, December 11th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, December 11th. First Horizon’s dividend payout ratio (DPR) is presently 48.92%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FHN shares. Weiss Ratings downgraded First Horizon from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday. Hovde Group started coverage on shares of First Horizon in a report on Thursday, September 17th. They set a “market perform” rating and a $25.00 price objective on the stock. Evercore restated a “hold” rating and set a $25.00 price objective on shares of First Horizon in a report on Thursday, October 1st. Morgan Stanley set a $31.00 price objective on shares of First Horizon in a research report on Friday, October 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $27.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, October 16th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.12.

First Horizon Company Profile

First Horizon Corporation is a regional financial services company headquartered in Memphis, Tennessee, and the parent of First Horizon Bank. Its banking roots date to 1864, when the First National Bank of Memphis was established. Through its banking operations, First Horizon serves consumers, businesses and institutions across the southeastern United States and Texas. Its services include consumer and commercial banking, lending, treasury and payment solutions, and wealth management. The company also provides specialized financial services, including capital markets and fixed-income services, as well as mortgage banking.