Counterpoint Mutual Funds LLC Makes New $313,000 Investment in First Horizon Corporation $FHN

Key Points

• Counterpoint Mutual Funds LLC has made a new investment of approximately $313,000 in First Horizon Corporation, acquiring 14,786 shares of the bank's stock during the second quarter.
• Insider trading was notable, with COO Tammy Locascio selling 10,285 shares for over $228,000, while EVP David T. Popwell sold 100,000 shares valued at $2.25 million.
• Analyst outlooks on First Horizon are generally positive, with Bank of America raising their price target from $26 to $27 and multiple firms issuing buy ratings.

Counterpoint Mutual Funds LLC bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,786 shares of the financial services provider's stock, valued at approximately $313,000.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of First Horizon by 17.8% during the 2nd quarter. GAMMA Investing LLC now owns 15,249 shares of the financial services provider's stock valued at $323,000 after purchasing an additional 2,300 shares during the period. Exchange Traded Concepts LLC bought a new stake in shares of First Horizon during the 2nd quarter valued at about $4,694,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of First Horizon by 2.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 145,923 shares of the financial services provider's stock valued at $3,212,000 after purchasing an additional 4,068 shares during the period. Atticus Wealth Management LLC bought a new stake in shares of First Horizon during the 2nd quarter valued at about $98,000. Finally, Wedmont Private Capital grew its stake in shares of First Horizon by 8.0% during the 2nd quarter. Wedmont Private Capital now owns 43,548 shares of the financial services provider's stock valued at $955,000 after purchasing an additional 3,244 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Insider Buying and Selling

In related news, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, the chief operating officer directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Bank of America boosted their price target on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Truist Financial boosted their price objective on First Horizon from $23.00 to $24.00 and gave the company a "hold" rating in a research note on Wednesday. Finally, Raymond James Financial reiterated an "outperform" rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and an average target price of $23.83.

First Horizon Stock Up 0.8%

NYSE FHN opened at $22.80 on Thursday. The stock's 50 day moving average is $22.28 and its 200 day moving average is $20.36. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.26. The stock has a market cap of $11.58 billion, a PE ratio of 14.71, a P/E/G ratio of 1.06 and a beta of 0.67.

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

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 dividend on an annualized basis and a yield of 2.6%. First Horizon's payout ratio is currently 38.71%.

First Horizon 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.

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