Caisse DE Depot ET Placement DU Quebec Acquires Shares of 230,100 First Horizon Corporation $FHN

Key Points

• Caisse DE Depot ET Placement DU Quebec has invested approximately $4.47 million by purchasing 230,100 shares in First Horizon Corporation, marking a significant new position in the first quarter.
• First Horizon's recent quarterly earnings report showed an EPS of $0.45, exceeding expectations, while the company announced a $0.15 quarterly dividend with a yield of 2.6% to be paid in October.
• Analysts have raised their price targets for First Horizon, with Bank of America suggesting a target of $27.00, reflecting a strong outlook as multiple institutions adjust their ratings to "buy".

Caisse DE Depot ET Placement DU Quebec purchased a new stake in First Horizon Corporation (NYSE:FHN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 230,100 shares of the financial services provider's stock, valued at approximately $4,469,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FHN. Millennium Management LLC increased its holdings in shares of First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after acquiring an additional 6,827,040 shares during the period. Freestone Grove Partners LP purchased a new position in First Horizon in the fourth quarter worth approximately $75,485,000. Invesco Ltd. grew its position in First Horizon by 78.4% in the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after acquiring an additional 2,968,012 shares during the period. Finally, Nuveen LLC purchased a new position in First Horizon in the first quarter worth approximately $46,640,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares of the company's stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, the chief operating officer directly 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. Insiders have sold 148,295 shares of company stock worth $3,322,663 in the last quarter. Insiders own 1.04% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on FHN shares. Citigroup increased their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Barclays increased their price objective on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. increased their price objective on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Bank of America increased their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company increased their price objective on 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 equities research 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. Based on data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $23.34.

First Horizon Stock Down 1.2%

Shares of NYSE FHN traded down $0.28 during mid-day trading on Tuesday, hitting $22.33. The company had a trading volume of 7,200,825 shares, compared to its average volume of 6,735,039. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market capitalization of $11.34 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. The business's 50-day simple moving average is $21.90 and its 200 day simple moving average is $20.14.

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

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

First Horizon 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.