Bank of America Corp DE Takes $96.74 Million Position in First Horizon Corporation $FHN

Key Points

• Bank of America acquired 3.77 million First Horizon shares worth approximately $96.7 million, representing a 0.8% stake. Institutional investors and hedge funds collectively own 80.28% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $27.33. Nine analysts recommend buying, 12 rate the stock a hold, and one rates it a sell.
• First Horizon reported quarterly EPS of $0.54, ahead of the $0.52 consensus estimate, and revenue of $887 million. The company also declared a quarterly dividend of $0.17, equivalent to a 2.8% annualized yield.

Bank of America Corp DE purchased a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,772,959 shares of the financial services provider's stock, valued at approximately $96,739,000. Bank of America Corp DE owned 0.80% of First Horizon at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of FHN. BlackRock Inc. acquired a new stake in First Horizon during the second quarter worth approximately $1,505,239,000. Bank of New York Mellon Corp purchased a new position in shares of First Horizon in the 2nd quarter valued at approximately $747,445,000. North Reef Capital Management LP increased its stake in First Horizon by 25.5% in the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock valued at $328,955,000 after buying an additional 2,936,368 shares during the period. Norges Bank purchased a new position in First Horizon during the fourth quarter worth about $153,942,000. Finally, William Blair Investment Management LLC boosted its stake in shares of First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider's stock valued at $127,531,000 after buying an additional 116,191 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on FHN shares. Wells Fargo & Company assumed coverage on shares of First Horizon in a report on Monday, August 10th. They set an "equal weight" rating and a $28.00 target price for the company. UBS Group reiterated a "buy" rating on shares of First Horizon in a research note on Thursday, July 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Horizon in a report on Friday, September 4th. JPMorgan Chase & Co. cut their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Finally, Morgan Stanley began coverage on First Horizon in a research note on Tuesday, September 8th. They set an "equal weight" rating and a $30.00 target price for the company. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, First Horizon currently has a consensus rating of "Hold" and an average price target of $27.33.

First Horizon Stock Down 0.3%

FHN opened at $23.93 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 business has a 50 day moving average price of $25.14 and a 200 day moving average price of $24.43. The firm has a market cap of $11.34 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same quarter last year, the firm posted $0.45 EPS. Research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

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. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's payout ratio is presently 32.54%.

Insider Buying and Selling

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 value of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares of the company's stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.91% of the stock is currently owned by corporate insiders.

First Horizon Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

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