Alliancebernstein L.P. Grows Stock Position in First Horizon Corporation $FHN

Key Points

• Alliancebernstein L.P. increased its ownership of First Horizon Corporation by 3.2%, acquiring an additional 40,430 shares, bringing its total stake to approximately $25.5 million.
• First Horizon reported an earnings per share (EPS) of $0.45 for the last quarter, exceeding expectations of $0.41, alongside a revenue of $830.19 million.
• The company announced a quarterly dividend of $0.15 per share, with a dividend yield of 2.6%, set to be paid on October 1st.

Alliancebernstein L.P. raised its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 3.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,313,234 shares of the financial services provider's stock after purchasing an additional 40,430 shares during the period. Alliancebernstein L.P. owned about 0.26% of First Horizon worth $25,503,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FHN. Byrne Asset Management LLC increased its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares during the period. Quarry LP increased its holdings in shares of First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 1,243 shares during the period. Golden State Wealth Management LLC increased its holdings in shares of First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares during the period. Versant Capital Management Inc increased its holdings in shares of First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,975 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of First Horizon in the 1st quarter valued at $73,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FHN. 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 report on Tuesday, July 8th. Citigroup lifted their price target on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Wells Fargo & Company lifted their price target on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Truist Financial boosted their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $23.34.

Insider Activity at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction on 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 transaction, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, 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. Insiders sold 148,295 shares of company stock valued at $3,322,663 over the last quarter. 0.87% of the stock is currently owned by company insiders.

First Horizon Price Performance

Shares of NYSE:FHN traded down $0.22 during midday trading on Friday, hitting $22.52. The company had a trading volume of 9,818,628 shares, compared to its average volume of 10,587,866. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 1.08 and a beta of 0.67. The business's 50-day simple moving average is $22.14 and its 200-day simple moving average is $20.23.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS 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 firm had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the firm earned $0.36 earnings per share. On average, research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio is presently 38.71%.

About First Horizon

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.