AXQ Capital LP Makes New Investment in First Horizon Corporation $FHN

AXQ Capital LP bought a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 137,036 shares of the financial services provider's stock, valued at approximately $3,514,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. acquired a new stake in First Horizon during the second quarter worth about $1,505,239,000. Bank of New York Mellon Corp bought a new position in shares of First Horizon during the second quarter worth about $747,445,000. Norges Bank acquired a new stake in shares of First Horizon in the 4th quarter worth about $153,942,000. William Blair Investment Management LLC acquired a new stake in shares of First Horizon in the 2nd quarter worth about $123,283,000. Finally, Bank of America Corp DE bought a new stake in First Horizon in the 2nd quarter valued at about $96,739,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FHN shares. Weiss Ratings upgraded shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. Truist Financial increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. UBS Group restated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Finally, Raymond James Financial boosted their price target on shares of First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $27.26.

Insider Activity

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.91% of the stock is owned by company insiders.

First Horizon Stock Up 1.6%

Shares of NYSE:FHN opened at $24.96 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The company has a market cap of $11.83 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The firm has a 50 day simple moving average of $25.41 and a 200 day simple moving average of $24.44.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the business earned $0.45 EPS. As a group, research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon's dividend payout ratio is currently 32.54%.

About First Horizon

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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