61,588 Shares in First Horizon Corporation $FHN Bought by iSAM Funds UK Ltd

Key Points

• iSAM Funds UK Ltd opened a new position of 61,588 shares in First Horizon during Q3, a holding worth about $1.39 million, and institutional investors now own roughly 80.28% of the company.
• First Horizon beat the most recent quarterly estimates with EPS of $0.52 (vs. $0.46 expected) and revenue of $892 million, and analysts hold a consensus "Moderate Buy" with a $26.66 target price.
• The company raised its quarterly dividend to $0.17 (annualized $0.68), implying a ~3.1% yield, with an ex-dividend date of March 13.

iSAM Funds UK Ltd bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 61,588 shares of the financial services provider's stock, valued at approximately $1,393,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AMG National Trust Bank lifted its holdings in shares of First Horizon by 0.6% in the third quarter. AMG National Trust Bank now owns 102,344 shares of the financial services provider's stock valued at $2,314,000 after purchasing an additional 575 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider's stock worth $39,000 after buying an additional 635 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in First Horizon by 2.9% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 23,926 shares of the financial services provider's stock valued at $541,000 after buying an additional 672 shares during the last quarter. Allen Capital Group LLC raised its position in First Horizon by 1.2% in the 3rd quarter. Allen Capital Group LLC now owns 60,840 shares of the financial services provider's stock valued at $1,376,000 after buying an additional 732 shares during the last quarter. Finally, Allworth Financial LP raised its position in First Horizon by 57.9% in the 2nd quarter. Allworth Financial LP now owns 2,064 shares of the financial services provider's stock valued at $44,000 after buying an additional 757 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Down 2.0%

FHN stock opened at $21.73 on Friday. The company has a market cap of $10.50 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 0.84 and a beta of 0.61. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $26.56. The business has a 50 day moving average price of $24.34 and a two-hundred day moving average price of $23.11. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping 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 company had revenue of $892.00 million for the quarter, compared to analysts' expectations of $863.87 million. During the same quarter in the prior year, the business posted $0.43 EPS. Analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.1%. This is an increase from First Horizon's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 13th. First Horizon's payout ratio is currently 31.91%.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, November 15th. Zacks Research upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a report on Friday, January 16th. Stephens boosted their price objective on shares of First Horizon from $28.00 to $29.00 and gave the stock an "overweight" rating in a research report on Friday, January 16th. Citigroup increased their target price on shares of First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Finally, Weiss Ratings raised shares of First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and a consensus target price of $26.66.

Insider Buying and Selling

In other First Horizon news, EVP Anthony J. Restel sold 5,719 shares of the stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the sale, the executive vice president owned 619,132 shares in the company, valued at $15,075,864.20. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.87% of the stock is currently owned by corporate insiders.

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.

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