Deutsche Bank AG Makes New $1.18 Million Investment in First Horizon Corporation $FHN

Key Points

• Deutsche Bank AG acquired 45,830 First Horizon shares worth approximately $1.18 million during the second quarter, while institutional investors collectively own 80.28% of the company.
• First Horizon exceeded quarterly expectations, reporting earnings of $0.54 per share versus the $0.52 consensus and revenue of $887 million; analysts maintain a consensus “Hold” rating with a $27.26 price target.
• The company declared a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.8% yield, while an executive separately sold 18,313 shares valued at roughly $455,000.

Deutsche Bank AG purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 45,830 shares of the financial services provider's stock, valued at approximately $1,175,000.

A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new stake in First Horizon during the second quarter valued at approximately $747,445,000. North Reef Capital Management LP boosted its stake in shares of First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after acquiring an additional 2,936,368 shares during the last quarter. Invesco Ltd. boosted its stake in shares of First Horizon by 5.6% during the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider's stock worth $192,007,000 after acquiring an additional 426,951 shares during the last quarter. Norges Bank bought a new stake in shares of First Horizon during the 4th quarter valued at $153,942,000. Finally, William Blair Investment Management LLC increased its stake in shares of 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 worth $127,531,000 after purchasing an additional 116,191 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Stock Performance

NYSE FHN opened at $24.66 on Monday. The business's 50 day moving average price is $25.46 and its 200-day moving average price is $24.45. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The company has a market cap of $11.68 billion, a P/E ratio of 11.80, a P/E/G ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

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

First Horizon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. First Horizon's payout ratio is presently 32.54%.

Analyst Ratings Changes

Several research firms have issued reports on FHN. Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Raymond James Financial lifted their price target on shares of First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Wells Fargo & Company assumed coverage on shares of First Horizon in a research report on Monday, August 10th. They set an "equal weight" rating and a $28.00 price objective on the stock. Truist Financial boosted their price objective on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Finally, Evercore set a $27.00 price target on First Horizon in a report on Monday, July 6th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $27.26.

Insider Buying and Selling at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.91% of the company's stock.

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.

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