Bank of New York Mellon Corp Takes $747.45 Million Position in First Horizon Corporation $FHN

Key Points

• Bank of New York Mellon acquired 29.15 million First Horizon shares worth approximately $747.45 million, giving it a 6.14% stake. Institutional investors collectively own 80.28% of the company.
• First Horizon exceeded quarterly expectations, reporting $0.54 in EPS versus a $0.52 consensus estimate and $887 million in revenue. Analysts expect $2.15 in EPS for the current fiscal year.
• The company declared a quarterly dividend of $0.17, equivalent to an annualized $0.68 payout and a 2.8% yield. Despite a consensus “Hold” rating, analysts’ average price target is $27.26 versus the stock’s $24.72 opening price.

Bank of New York Mellon Corp bought a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 29,151,537 shares of the financial services provider's stock, valued at approximately $747,445,000. Bank of New York Mellon Corp owned about 6.14% of First Horizon as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. North Reef Capital Management LP raised its stake in First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after buying an additional 2,936,368 shares during the period. Invesco Ltd. grew its stake in shares of First Horizon by 5.6% in the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider's stock worth $192,007,000 after acquiring an additional 426,951 shares in the last quarter. Norges Bank purchased a new stake in First Horizon in the 4th quarter valued at about $153,942,000. William Blair Investment Management LLC increased its position in shares of First Horizon by 2.2% during 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 acquiring an additional 116,191 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of First Horizon by 10.4% during the 4th quarter. Morgan Stanley now owns 5,212,543 shares of the financial services provider's stock worth $124,580,000 after purchasing an additional 491,464 shares during the period. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

FHN stock opened at $24.72 on Friday. The company has a fifty day simple moving average of $25.50 and a two-hundred day simple moving average of $24.50. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The firm has a market capitalization of $11.71 billion, a P/E ratio of 11.83, a price-to-earnings-growth ratio of 0.99 and a beta of 0.61.

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

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors 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 yield of 2.8%. First Horizon's dividend payout ratio is currently 32.54%.

Wall Street Analyst Weigh In

FHN has been the topic of several recent research reports. National Bank Financial set a $29.00 target price on First Horizon in a research report on Thursday, July 16th. Evercore set a $27.00 price objective on shares of First Horizon in a report on Monday, July 6th. UBS Group reiterated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Fundamental Research set a $28.50 target price on First Horizon in a research note on Wednesday, July 1st. Finally, Autonomous Res cut shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, First Horizon currently has a consensus rating of "Hold" and a consensus price target of $27.26.

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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