Comerica Bank Raises Stock Holdings in First Horizon Corporation $FHN

Key Points

• Comerica Bank has increased its holdings in First Horizon Corporation by 5.8%, bringing its total shares to 237,910, valued at $4.62 million.
• Several hedge funds have also adjusted their stakes in First Horizon, with significant increases in ownership by firms such as Cary Street Partners Financial LLC and SG Americas Securities LLC.
• First Horizon recently reported better-than-expected quarterly earnings of $0.45 EPS, surpassing analysts' expectations of $0.41.

Comerica Bank lifted its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 5.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 237,910 shares of the financial services provider's stock after acquiring an additional 13,119 shares during the period. Comerica Bank's holdings in First Horizon were worth $4,620,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. grew its stake in shares of First Horizon by 2.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock valued at $1,496,000 after acquiring an additional 1,481 shares in the last quarter. Cerity Partners LLC grew its stake in shares of First Horizon by 22.0% in the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock valued at $2,458,000 after acquiring an additional 22,852 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of First Horizon by 13.3% in the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock valued at $1,341,000 after acquiring an additional 8,110 shares in the last quarter. Cary Street Partners Financial LLC grew its stake in shares of First Horizon by 713.3% in the first quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock valued at $2,933,000 after acquiring an additional 132,481 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in First Horizon by 286.9% during the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock worth $1,230,000 after buying an additional 46,975 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the business'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 sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock worth $3,322,663 over the last quarter. Company insiders own 1.04% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Truist Financial increased their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Citigroup increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Finally, Jefferies Financial Group began coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

First Horizon Trading Up 0.9%

Shares of FHN stock traded up $0.20 during trading hours on Thursday, hitting $22.70. 1,532,010 shares of the company were exchanged, compared to its average volume of 6,754,760. The firm has a market cap of $11.52 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.00. 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 company has a 50 day simple moving average of $21.98 and a two-hundred day simple moving average of $20.17.

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 (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. During the same quarter last year, the firm posted $0.36 EPS. Equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, September 12th. First Horizon's payout ratio is presently 38.71%.

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.