Y Intercept Hong Kong Ltd Takes $1.61 Million Position in First Horizon Corporation $FHN

Y Intercept Hong Kong Ltd acquired a new position in First Horizon Corporation (NYSE:FHN) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 71,209 shares of the financial services provider’s stock, valued at approximately $1,610,000.

Several other institutional investors and hedge funds also recently bought and sold shares of FHN. LSV Asset Management grew its holdings in First Horizon by 5.0% during the second quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock valued at $285,319,000 after purchasing an additional 646,060 shares during the period. Invesco Ltd. grew its stake in shares of First Horizon by 3.8% during the 2nd quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider’s stock valued at $148,632,000 after acquiring an additional 255,429 shares during the period. JPMorgan Chase & Co. grew its stake in shares of First Horizon by 45.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock valued at $142,855,000 after acquiring an additional 2,091,865 shares during the period. Norges Bank purchased a new stake in First Horizon in the 2nd quarter worth approximately $131,399,000. Finally, William Blair Investment Management LLC bought a new stake in First Horizon during the 2nd quarter worth approximately $79,776,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FHN. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. The Goldman Sachs Group set a $27.00 price objective on First Horizon and gave the company a “neutral” rating in a research report on Tuesday, January 6th. Truist Financial set a $27.00 target price on First Horizon in a research report on Friday, January 9th. JPMorgan Chase & Co. boosted their price target on First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, December 16th. Finally, DA Davidson lifted their price objective on shares of First Horizon from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.58.

First Horizon Stock Performance

NYSE:FHN opened at $24.40 on Friday. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.91 and a beta of 0.61. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $25.21. The stock’s 50 day simple moving average is $23.75 and its two-hundred day simple moving average is $22.60. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

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

First Horizon Increases Dividend

The firm 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 $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is 31.91%.

First Horizon declared that its board has authorized a stock buyback plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the sale, the executive vice president directly owned 307,432 shares of the company’s stock, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jeff L. Fleming sold 7,619 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total value of $165,637.06. Following the sale, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.87% of the company’s stock.

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.