Caxton Associates LLP Makes New Investment in First Horizon Corporation $FHN

Key Points

• Caxton Associates LLP acquired 154,126 shares of First Horizon Corporation worth approximately $2,993,000 in the first quarter, reflecting institutional interest in the company's stock, which is now 80.28% owned by institutional investors.
• Insider sales included EVP David T. Popwell, who sold 100,000 shares for $2,250,000, representing a 17.78% ownership decrease, and COO Tammy Locascio, who sold 10,285 shares, indicating possible executive caution regarding the company's stock.
• First Horizon reported strong quarterly earnings with $0.45 EPS, exceeding analyst estimates, and declared a quarterly dividend of $0.15, yielding 2.7% annually.

Caxton Associates LLP acquired a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 154,126 shares of the financial services provider's stock, valued at approximately $2,993,000.

A number of other institutional investors and hedge funds have also modified their holdings of FHN. Byrne Asset Management LLC lifted its stake in shares of First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after buying an additional 830 shares during the last quarter. Quarry LP lifted its stake in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after buying an additional 1,243 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after buying an additional 2,658 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of First Horizon by 137.5% in the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after buying an additional 1,975 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in First Horizon during the 1st quarter valued at $73,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Price Performance

Shares of FHN stock traded down $0.07 during mid-day trading on Friday, reaching $22.52. The company's stock had a trading volume of 9,818,352 shares, compared to its average volume of 6,999,225. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.08. The company has a market cap of $11.43 billion, a P/E ratio of 14.53, a PEG ratio of 1.07 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm's 50-day moving average is $22.13 and its two-hundred day moving average is $20.22.

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

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio is presently 38.71%.

Insider Activity

In other news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the company'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 completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on FHN. Jefferies Financial Group began coverage on shares of First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Wells Fargo & Company upped their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Barclays upped their target price on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.34.

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.