Boston Partners Acquires Shares of 395,718 First Horizon Corporation $FHN

Key Points

• Boston Partners has acquired 395,718 shares of First Horizon Corporation, valued at approximately $7.68 million, marking a new stake in the company.
• First Horizon's recent quarterly earnings showed an EPS of $0.45, exceeding analysts' expectations, with total revenue reported at $830.19 million.
• The company declared a quarterly dividend of $0.15 per share, with an expected annualized yield of 2.7%, reflecting its ongoing commitment to returning value to shareholders.

Boston Partners bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 395,718 shares of the financial services provider's stock, valued at approximately $7,679,000. Boston Partners owned approximately 0.08% of First Horizon at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Byrne Asset Management LLC grew its stake in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after acquiring an additional 830 shares in the last quarter. Golden State Wealth Management LLC grew its stake in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,658 shares in the last quarter. Versant Capital Management Inc grew its stake in First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares in the last quarter. Mpwm Advisory Solutions LLC bought a new position in First Horizon in the 4th quarter worth about $130,000. Finally, UMB Bank n.a. grew its stake in First Horizon by 143.5% in the 1st quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock worth $130,000 after acquiring an additional 3,958 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

Shares of NYSE FHN traded down $0.0350 during midday trading on Wednesday, reaching $21.6850. The company had a trading volume of 4,860,789 shares, compared to its average volume of 6,493,490. The business's 50-day simple moving average is $21.39 and its 200 day simple moving average is $20.13. The stock has a market cap of $11.01 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.04 and a beta of 0.65. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.00. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Bank of America upped their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price target (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company upped their price target on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.28.

Insider Buying and Selling at First Horizon

In related news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the sale, the executive vice president owned 550,011 shares in the company, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

First Horizon Company Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.