Corient Private Wealth LP Makes New $5.27 Million Investment in First Horizon Corporation $FHN

Key Points

• Corient Private Wealth purchased 205,662 First Horizon shares worth approximately $5.27 million in the second quarter. Institutional investors and hedge funds collectively own 80.28% of the company.
• First Horizon exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.52 consensus estimate and revenue of $887 million. Analysts maintain a consensus “Hold” rating with an average price target of $27.26.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.8% yield, payable October 1 to shareholders of record as of September 11.

Corient Private Wealth LP purchased a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 205,662 shares of the financial services provider's stock, valued at approximately $5,273,000.

A number of other large investors also recently modified their holdings of FHN. William Blair Investment Management LLC boosted its holdings in First Horizon by 2.2% in the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider's stock valued at $127,531,000 after purchasing an additional 116,191 shares during the period. Renaissance Technologies LLC grew its position in First Horizon by 158.0% in the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider's stock worth $12,295,000 after purchasing an additional 330,800 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new position in shares of First Horizon during the 2nd quarter worth about $1,616,000. Vise Technologies Inc. bought a new position in shares of First Horizon during the 2nd quarter worth about $3,327,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of First Horizon during the second quarter valued at about $10,061,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FHN shares. Fundamental Research set a $28.50 target price on shares of First Horizon in a research note on Wednesday, July 1st. Raymond James Financial boosted their price target on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Truist Financial upped their price target on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a report on Friday, July 10th. Weiss Ratings upgraded First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Finally, UBS Group restated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $27.26.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the sale, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.91% of the stock is currently owned by corporate insiders.

First Horizon Stock Performance

NYSE:FHN opened at $24.35 on Tuesday. The firm 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. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The firm has a 50-day moving average price of $25.45 and a 200 day moving average price of $24.44.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share 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 company had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same period in the previous year, the business earned $0.45 earnings per share. Research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.68 annualized dividend and a yield of 2.8%. First Horizon's payout ratio is currently 32.54%.

First Horizon 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.

Want to see what other hedge funds are holding FHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Horizon Corporation (NYSE:FHN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.