FNY Investment Advisers LLC Acquires 2,270 Shares of First Horizon Corporation $FHN

FNY Investment Advisers LLC lifted its holdings in shares of First Horizon Corporation (NYSE:FHN) by 782.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,560 shares of the financial services provider’s stock after acquiring an additional 2,270 shares during the period. FNY Investment Advisers LLC’s holdings in First Horizon were worth $54,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cullen Frost Bankers Inc. increased its position in shares of First Horizon by 107.5% during the second quarter. Cullen Frost Bankers Inc. now owns 4,150 shares of the financial services provider’s stock worth $88,000 after acquiring an additional 2,150 shares in the last quarter. Whittier Trust Co. bought a new stake in shares of First Horizon during the second quarter worth about $148,000. DekaBank Deutsche Girozentrale bought a new stake in shares of First Horizon during the second quarter worth about $113,000. Chicago Partners Investment Group LLC bought a new stake in shares of First Horizon during the second quarter worth about $215,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of First Horizon during the second quarter worth about $3,831,000. 80.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Evercore ISI reaffirmed an “in-line” rating and issued a $20.00 price objective (down from $26.00) on shares of First Horizon in a research report on Thursday, October 16th. JPMorgan Chase & Co. reduced their price objective on shares of First Horizon from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Raymond James Financial set a $23.00 price objective on shares of First Horizon in a research report on Wednesday, October 15th. Jefferies Financial Group set a $25.00 price objective on shares of First Horizon and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of First Horizon from $24.00 to $23.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, First Horizon has an average rating of “Moderate Buy” and an average target price of $24.47.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares of the company’s stock, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

First Horizon Stock Down 0.2%

FHN opened at $20.58 on Friday. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 0.83 and a beta of 0.67. 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 company’s 50-day moving average price is $22.29 and its two-hundred day moving average price is $20.84. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.70.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. The business had revenue of $849.00 million for the quarter, compared to analysts’ expectations of $848.08 million. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 EPS. As a group, equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.9%. First Horizon’s dividend payout ratio (DPR) is currently 36.36%.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.