109,374 Shares in First Horizon Corporation $FHN Bought by Ieq Capital LLC

Ieq Capital LLC acquired a new position in First Horizon Corporation (NYSE:FHN) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 109,374 shares of the financial services provider’s stock, valued at approximately $2,804,000.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of First Horizon during the 2nd quarter valued at about $1,505,239,000. Bank of New York Mellon Corp bought a new position in First Horizon during the 2nd quarter worth approximately $747,445,000. Norges Bank purchased a new position in First Horizon in the 4th quarter worth approximately $153,942,000. Artemis Investment Management LLP purchased a new position in First Horizon in the 4th quarter worth approximately $90,319,000. Finally, North Reef Capital Management LP lifted its position in First Horizon by 25.5% in the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock valued at $328,955,000 after purchasing an additional 2,936,368 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insider Transactions at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of First Horizon stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.91% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Truist Financial upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Fundamental Research set a $28.50 target price on First Horizon in a research note on Wednesday, July 1st. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a report on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.26.

First Horizon Price Performance

Shares of FHN stock opened at $24.54 on Tuesday. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of 11.74, a PEG ratio of 0.98 and a beta of 0.61. The business’s fifty day moving average is $25.48 and its 200 day moving average is $24.49. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. 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 announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 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 $887.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same quarter last year, the firm posted $0.45 earnings per share. Research analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. First Horizon’s dividend payout ratio (DPR) is presently 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.