Caisse de depot et placement du Quebec Takes $14.91 Million Position in First Horizon Corporation $FHN

Key Points

• Caisse de dépôt et placement du Québec acquired 581,554 First Horizon shares worth approximately $14.91 million, representing about 0.12% of the company. Institutional investors collectively own 80.28% of FHN.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $27.26 target price; recent targets range from $27 to $29.
• First Horizon exceeded quarterly earnings expectations, reporting $0.54 EPS versus the $0.52 consensus and $887 million in revenue. The company also declared a quarterly dividend of $0.17 per share, equal to a 2.8% annualized yield.

Caisse de depot et placement du Quebec acquired a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 581,554 shares of the financial services provider's stock, valued at approximately $14,911,000. Caisse de depot et placement du Quebec owned about 0.12% of First Horizon as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in First Horizon during the second quarter valued at approximately $1,505,239,000. Bank of New York Mellon Corp acquired a new stake in First Horizon in the second quarter valued at approximately $747,445,000. Norges Bank purchased a new position in First Horizon in the fourth quarter worth $153,942,000. William Blair Investment Management LLC purchased a new position in First Horizon in the second quarter worth $123,283,000. Finally, Artemis Investment Management LLP purchased a new stake in shares of First Horizon during the 4th quarter valued at $90,319,000. Institutional investors own 80.28% of the company's stock.

Insider Buying and Selling at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares of the company's stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.91% of the company's stock.

Analysts Set New Price Targets

FHN has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Evercore set a $27.00 price target on First Horizon in a research note on Monday, July 6th. National Bank Financial set a $29.00 price target on First Horizon in a research note on Thursday, July 16th. Finally, Raymond James Financial upped their price objective on shares of First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $27.26.

First Horizon Stock Up 1.0%

FHN stock opened at $24.66 on Friday. The company has a market capitalization of $11.68 billion, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The firm's fifty day simple moving average is $25.46 and its 200-day simple moving average is $24.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96.

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

First Horizon Dividend Announcement

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

First Horizon Company Profile

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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