Alliancebernstein L.P. Grows Stock Holdings 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 stake in First Horizon Corporation (NYSE:FHN - Free Report) by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,313,234 shares of the financial services provider's stock after acquiring an additional 40,430 shares during the period. Alliancebernstein L.P. owned approximately 0.26% of First Horizon worth $25,503,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FHN. Byrne Asset Management LLC raised its holdings in shares of First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after buying an additional 830 shares in the last quarter. Quarry LP raised its holdings in shares of First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after buying an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after buying an additional 2,658 shares in the last quarter. Versant Capital Management Inc grew its position in First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in First Horizon during the 1st quarter worth $73,000. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Down 0.8%

FHN stock traded down $0.18 during trading on Monday, reaching $22.33. 12,445,155 shares of the stock were exchanged, compared to its average volume of 10,728,233. The firm's 50 day moving average is $22.15 and its 200 day moving average is $20.22. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.08. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market cap of $11.34 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67.

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

First Horizon Announces Dividend

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

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $228,841.25. Following the completion of the transaction, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock valued at $3,322,663 over the last ninety days. 1.04% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FHN shares. Raymond James Financial restated an "outperform" rating and set a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Jefferies Financial Group started coverage on First Horizon in a research report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective on the stock. Wells Fargo & Company boosted their price objective on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Barclays boosted their price objective on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $23.34.

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.