Assenagon Asset Management S.A. Makes New $14.84 Million Investment in First Horizon Corporation $FHN

Key Points

• Assenagon Asset Management purchased 644,747 First Horizon shares worth approximately $14.84 million, giving it a 0.14% stake. Institutional investors collectively own 80.28% of the company.
• Analysts maintain a generally cautious outlook: First Horizon has a consensus “Hold” rating and an average price target of $27.07, with recent target changes ranging from $26.00 to $28.50.
• First Horizon reported quarterly earnings of $0.53 per share, slightly exceeding estimates, and maintains a quarterly dividend of $0.17 per share, equivalent to a 3.0% annual yield.

Assenagon Asset Management S.A. purchased a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 644,747 shares of the financial services provider's stock, valued at approximately $14,842,000. Assenagon Asset Management S.A. owned about 0.14% of First Horizon at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FHN. Bessemer Group Inc. increased its stake in First Horizon by 0.3% during the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock valued at $3,162,000 after acquiring an additional 425 shares during the period. Farther Finance Advisors LLC increased its position in shares of First Horizon by 5.2% during the third quarter. Farther Finance Advisors LLC now owns 9,212 shares of the financial services provider's stock valued at $212,000 after purchasing an additional 459 shares during the period. GAMMA Investing LLC raised its stake in shares of First Horizon by 2.8% in the third quarter. GAMMA Investing LLC now owns 20,261 shares of the financial services provider's stock valued at $466,000 after purchasing an additional 558 shares in the last quarter. Summit Asset Management LLC raised its stake in shares of First Horizon by 4.0% in the first quarter. Summit Asset Management LLC now owns 18,023 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 695 shares in the last quarter. Finally, Basecamp Wealth Advisors LLC raised its stake in shares of First Horizon by 56.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock valued at $47,000 after purchasing an additional 746 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FHN. JPMorgan Chase & Co. reduced their target price on First Horizon from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday. UBS Group reissued a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. Truist Financial boosted their price target on shares of First Horizon from $25.00 to $26.00 and gave the company a "hold" rating in a report on Monday. Citigroup dropped their price objective on shares of First Horizon from $28.50 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Finally, Fundamental Research set a $28.50 price objective on shares of First Horizon in a report on Wednesday, July 1st. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $27.07.

Insider Activity

In related news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares of the company's stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.91% of the stock is owned by company insiders.

First Horizon Price Performance

Shares of FHN stock opened at $22.72 on Tuesday. The stock's fifty day simple moving average is $24.10 and its 200 day simple moving average is $24.53. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.91. The firm has a market cap of $10.77 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 0.99 and a beta of 0.61. First Horizon Corporation has a one year low of $20.27 and a one year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.01. First Horizon had a return on equity of 12.24% and a net margin of 14.35%. The firm had revenue of $883.00 million for the quarter, compared to analysts' expectations of $889.18 million. During the same period in the prior year, the business posted $0.51 earnings per share. On average, analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were given a dividend of $0.17 per share. The ex-dividend date was Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.0%. First Horizon's dividend payout ratio (DPR) is 48.92%.

About First Horizon

First Horizon Corporation is a financial services company headquartered in Memphis, Tennessee, and the parent company of First Horizon Bank. The company provides banking and financial services to individuals, businesses, institutions and government entities through a network serving communities primarily across the southeastern United States.

Its offerings include consumer and commercial deposit accounts, residential and commercial lending, treasury management, payment services, personal and business banking, and wealth management.

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