American Century Companies Inc. Acquires 31,576 Shares of First Horizon Corporation $FHN

Key Points

• American Century Companies Inc. increased its stake in First Horizon Corporation by 12.5%, owning 283,790 shares valued at approximately $5.5 million, according to the latest SEC filing.
• First Horizon has declared a quarterly dividend of $0.15 per share, with a total annualized dividend of $0.60, representing a yield of 2.6%.
• Several analysts have recently raised their price targets for First Horizon, with the consensus rating described as a "Moderate Buy" and an average target price of $23.34.

American Century Companies Inc. lifted its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 12.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 283,790 shares of the financial services provider's stock after purchasing an additional 31,576 shares during the period. American Century Companies Inc. owned about 0.06% of First Horizon worth $5,511,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its position in shares of First Horizon by 2.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock worth $1,496,000 after acquiring an additional 1,481 shares in the last quarter. Cerity Partners LLC increased its position in shares of First Horizon by 22.0% in the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock worth $2,458,000 after acquiring an additional 22,852 shares in the last quarter. Brown Advisory Inc. increased its position in shares of First Horizon by 13.3% in the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock worth $1,341,000 after acquiring an additional 8,110 shares in the last quarter. Cary Street Partners Financial LLC increased its position in shares of First Horizon by 713.3% in the first quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock worth $2,933,000 after acquiring an additional 132,481 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of First Horizon by 286.9% in the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock worth $1,230,000 after acquiring an additional 46,975 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FHN. Wells Fargo & Company lifted their target price on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price objective (up from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Bank of America boosted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Finally, Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. One equities 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.34.

Insider Buying and Selling at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction on Friday, July 18th. The shares were 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 represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction 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. The trade was 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. Corporate insiders own 1.04% of the company's stock.

First Horizon Stock Performance

Shares of First Horizon stock traded down $0.12 on Monday, reaching $22.59. The stock had a trading volume of 9,262,381 shares, compared to its average volume of 9,895,601. The business's 50-day moving average price is $21.85 and its two-hundred day moving average price is $20.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.00. The stock has a market cap of $11.47 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data 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. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same period in the previous year, the company earned $0.36 earnings per share. On average, sell-side analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a dividend of $0.15 per share. 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%.

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.