EFG International AG Makes New Investment in First Horizon Corporation $FHN

Key Points

• EFG International AG bought 73,774 shares of First Horizon worth approximately $1.89 million during the second quarter. Institutional investors collectively own 80.28% of the company.
• Analyst sentiment is mixed, with nine Buy ratings, ten Holds and one Sell; MarketBeat reports a consensus rating of Hold and an average price target of $27.26.
• First Horizon exceeded quarterly earnings expectations, reporting $0.54 EPS and $887 million in revenue. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

EFG International AG bought a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 73,774 shares of the financial services provider's stock, valued at approximately $1,893,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its stake in First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock valued at $33,197,000 after purchasing an additional 865,109 shares during the last quarter. Geneos Wealth Management Inc. increased its position in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock worth $174,000 after buying an additional 3,835 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock valued at $1,147,000 after buying an additional 4,507 shares during the period. Finally, Cerity Partners LLC raised its stake in shares of First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock valued at $3,241,000 after buying an additional 26,323 shares during the period. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FHN shares. Evercore set a $27.00 price target on First Horizon in a research note on Monday, July 6th. JPMorgan Chase & Co. lowered their price objective on First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. Autonomous Res downgraded shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Weiss Ratings upgraded shares of 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 note on Thursday, July 16th. Nine 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 MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $27.26.

First Horizon Trading Up 0.6%

First Horizon stock opened at $24.56 on Thursday. The stock has a market cap of $11.64 billion, a P/E ratio of 11.75, a PEG ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The firm's fifty day moving average price is $25.47 and its 200-day moving average price is $24.47. 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 issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) 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 firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter last year, the company posted $0.45 EPS. Equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

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

Insider Buying and Selling

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

About First Horizon

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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