226,490 Shares in First Horizon Corporation $FHN Bought by Reliant Investment Management LLC

Key Points

• Reliant Investment Management acquired 226,490 First Horizon shares worth approximately $5.2 million, making the bank stock 1.8% of its portfolio. Institutional investors and hedge funds collectively own 80.28% of FHN.
• Analyst sentiment remains mixed, with an overall “Hold” consensus and an average price target of $27.07. FHN shares opened at $22.64, below the consensus target.
• First Horizon exceeded quarterly expectations with adjusted EPS of $0.54 versus estimates of $0.52 and revenue of $887 million. The company also paid a quarterly dividend of $0.17 per share, representing a 3.0% annualized yield.

Reliant Investment Management LLC purchased a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 226,490 shares of the financial services provider's stock, valued at approximately $5,214,000. First Horizon makes up about 1.8% of Reliant Investment Management LLC's holdings, making the stock its 26th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in First Horizon in the 2nd quarter valued at $1,505,239,000. Bank of New York Mellon Corp acquired a new position in First Horizon in the 2nd quarter worth $747,445,000. North Reef Capital Management LP boosted its stake in First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after purchasing an additional 2,936,368 shares during the period. William Blair Investment Management LLC bought a new position in First Horizon during the 2nd quarter worth about $123,283,000. Finally, Bank of America Corp DE bought a new position in First Horizon during the 2nd quarter worth about $96,739,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Insider Transactions at First Horizon

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was 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 approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.91% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FHN. Wells Fargo & Company cut their price target on First Horizon from $28.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 30th. Evercore reiterated a "hold" rating and set a $25.00 price objective on shares of First Horizon in a report on Thursday, October 1st. National Bank Financial set a $30.00 target price on First Horizon in a research note on Tuesday, September 8th. Citigroup cut their target price on First Horizon from $28.50 to $28.00 and set a "buy" rating on the stock in a research note on Tuesday, September 22nd. Finally, Raymond James Financial upped their price target on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $27.07.

First Horizon Stock Down 0.6%

Shares of FHN stock opened at $22.64 on Thursday. The firm's fifty day moving average price is $24.25 and its two-hundred day moving average price is $24.52. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The firm has a market capitalization of $10.73 billion, a P/E ratio of 10.83, a PEG ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping 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 net margin of 21.12% and a return on equity of 12.06%. During the same period in the prior year, the business posted $0.45 EPS. On average, equities analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, September 11th. First Horizon's dividend payout ratio is presently 32.54%.

First Horizon Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.

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