323,405 Shares in First Horizon Corporation $FHN Acquired by Strs Ohio

Key Points

• Strs Ohio acquired 323,405 shares of First Horizon Corporation valued at approximately $6.28 million, increasing its stake to 0.06% of the company by the end of the first quarter.
• Several institutional investors, including UBS Asset Management and Invesco Ltd., significantly increased their stakes in First Horizon, indicating strong institutional interest.
• First Horizon announced a quarterly dividend of $0.15 per share, representing a 2.7% dividend yield, with an ex-dividend date set for September 12th.

Strs Ohio acquired a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 323,405 shares of the financial services provider's stock, valued at approximately $6,281,000. Strs Ohio owned approximately 0.06% of First Horizon as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Geneos Wealth Management Inc. raised its stake in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 1,095 shares in the last quarter. Mendon Capital Advisors Corp bought a new stake in shares of First Horizon during the first quarter valued at about $9,861,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of First Horizon by 53.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock valued at $244,594,000 after purchasing an additional 4,392,405 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of First Horizon during the first quarter valued at about $2,993,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of First Horizon by 102.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock valued at $33,197,000 after purchasing an additional 865,109 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FHN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada restated an "outperform" rating and set a $24.00 price objective (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Bank of America boosted their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $23.34.

First Horizon Stock Down 0.6%

NYSE:FHN traded down $0.14 on Friday, hitting $23.09. 18,621,059 shares of the company's stock traded hands, compared to its average volume of 11,428,257. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.26. The firm has a 50-day moving average price of $22.22 and a 200-day moving average price of $20.29. The company has a market cap of $11.72 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 1.10 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. During the same quarter in the previous year, the business posted $0.36 EPS. Equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, September 12th. First Horizon's payout ratio is currently 38.71%.

Insider Activity

In other news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. The trade was a 2.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,295 shares of company stock valued at $3,322,663. 0.87% of the stock is owned by corporate insiders.

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.