Bank of America Corp DE Boosts Stock Holdings in First Horizon Corporation $FHN

Key Points

• Bank of America increased its First Horizon stake by 7.9% in the first quarter, adding 209,480 shares to own 2.86 million shares valued at approximately $65.1 million. Institutional investors collectively own 80.28% of FHN.
• Analysts maintain a mixed outlook, with a consensus “Hold” rating and an average price target of $27.26; individual targets range from $26.00 to $28.50.
• First Horizon beat quarterly expectations with $0.54 EPS versus $0.52 expected and revenue of $887 million. The company also declared a quarterly dividend of $0.17 per share, yielding about 2.7% annually.

Bank of America Corp DE lifted its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 7.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,861,404 shares of the financial services provider's stock after purchasing an additional 209,480 shares during the period. Bank of America Corp DE owned about 0.60% of First Horizon worth $65,126,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kestra Investment Management LLC raised its position in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in First Horizon by 1,348.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in First Horizon in the fourth quarter valued at approximately $51,000. Finally, Triumph Capital Management purchased a new position in First Horizon in the third quarter worth approximately $77,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Fundamental Research set a $28.50 price target on shares of First Horizon in a report on Wednesday, July 1st. Autonomous Res lowered shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their price objective on shares of First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Raymond James Financial boosted their target price on shares of First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Finally, Wells Fargo & Company initiated coverage on First Horizon in a report on Monday. They issued an "equal weight" rating and a $28.00 target price on the stock. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $27.26.

First Horizon Stock Down 1.1%

FHN stock opened at $25.17 on Tuesday. The stock has a market cap of $11.93 billion, a P/E ratio of 12.04, a PEG ratio of 1.01 and a beta of 0.61. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company's 50 day moving average is $25.29 and its two-hundred day moving average is $24.43.

First Horizon (NYSE:FHN - Get Free Report) last issued 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. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million during the quarter, compared to analysts' expectations of $878.42 million. During the same quarter in the prior year, the business posted $0.45 EPS. Research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.17 per share. 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 payout ratio is 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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