Canada Pension Plan Investment Board Buys New Shares in First Horizon Corporation $FHN

Key Points

• Canada Pension Plan Investment Board acquired 59,700 First Horizon shares worth approximately $1.53 million during the second quarter. Institutional investors and hedge funds collectively own 80.28% of the company.
• First Horizon exceeded quarterly expectations, reporting earnings of $0.54 per share versus the $0.52 consensus estimate and revenue of $887 million. Analysts maintain an overall “Hold” rating with an average price target of $27.26.
• The company declared a quarterly dividend of $0.17 per share, equivalent to an annualized dividend of $0.68 and a 2.8% yield, payable October 1 to shareholders of record on September 11.

Canada Pension Plan Investment Board bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 59,700 shares of the financial services provider's stock, valued at approximately $1,531,000.

Several other large investors have also recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its position in shares of First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after purchasing an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock valued at $174,000 after buying an additional 3,835 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock valued at $1,147,000 after buying an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after buying an additional 26,323 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Raymond James Financial lifted their price target on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Finally, Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $27.26.

First Horizon Trading Down 1.2%

Shares of FHN stock opened at $24.35 on Tuesday. The firm has a 50 day moving average price of $25.45 and a two-hundred day moving average price of $24.44. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $11.54 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 0.98 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.

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

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend 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 currently 32.54%.

Insider Buying and Selling at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the sale, the executive vice president owned 340,368 shares of the company's stock, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. 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.

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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