Bank of Nova Scotia Purchases New Stake in First Horizon Corporation $FHN

Key Points

• Bank of Nova Scotia acquired 1.25 million First Horizon shares worth approximately $32.2 million, giving it a 0.26% stake. Institutional investors and hedge funds collectively own 80.28% of FHN.
• First Horizon exceeded quarterly expectations, reporting $0.54 EPS versus $0.52 expected and revenue of $887 million. Analysts expect full-year EPS of $2.15.
• The company declared a quarterly dividend of $0.17, equivalent to an annualized $0.68 payout and a 2.8% yield; analysts’ average rating remains “Hold,” with a $27.26 price target.

Bank of Nova Scotia acquired a new stake 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. The institutional investor acquired 1,254,918 shares of the financial services provider's stock, valued at approximately $32,176,000. Bank of Nova Scotia owned about 0.26% of First Horizon at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its position in shares of First Horizon by 0.3% during the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock worth $3,162,000 after purchasing an additional 425 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in First Horizon by 3.4% in the fourth quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock valued at $335,000 after buying an additional 457 shares during the last quarter. Illinois Municipal Retirement Fund raised its stake in First Horizon by 0.7% during the fourth quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock valued at $1,641,000 after buying an additional 489 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in First Horizon by 1.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock valued at $963,000 after buying an additional 507 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its stake in First Horizon by 3.5% during the fourth quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock valued at $378,000 after buying an additional 537 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Stock Performance

Shares of FHN opened at $24.60 on Monday. The firm has a fifty day moving average of $25.48 and a 200-day moving average of $24.50. The company has a market cap of $11.65 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The firm 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 last year, the firm posted $0.45 EPS. As a group, equities analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Truist Financial boosted their price target on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a report on Friday, July 10th. Raymond James Financial raised their price objective on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. decreased their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a report on Thursday, July 16th. National Bank Financial set a $29.00 target price on shares of First Horizon in a research note on Thursday, July 16th. Finally, Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. 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. According to MarketBeat, the stock currently has an average rating of "Hold" and an average 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.

Want to see what other hedge funds are holding FHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Horizon Corporation (NYSE:FHN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source