Exchange Traded Concepts LLC Buys New Position in First Horizon Corporation $FHN

Key Points

• Exchange Traded Concepts LLC has acquired 221,411 shares of First Horizon Corporation, worth approximately $4.69 million, as reported in their latest Form 13F filing.
• First Horizon announced a quarterly dividend of $0.15 per share, which represents a yield of 2.6%, with an ex-dividend date set for September 12th.
• Analysts have raised their price targets for First Horizon, with Barclays setting a new target of $26.00 and Bank of America adjusting their target from $26.00 to $27.00, reflecting increased investor confidence.

Exchange Traded Concepts LLC bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 221,411 shares of the financial services provider's stock, valued at approximately $4,694,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its holdings in First Horizon by 2.9% in 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 buying an additional 4,068 shares in the last quarter. Atticus Wealth Management LLC acquired a new stake in shares of First Horizon during the second quarter worth $98,000. Wedmont Private Capital boosted its position in shares of First Horizon by 8.0% in the second quarter. Wedmont Private Capital now owns 43,548 shares of the financial services provider's stock valued at $955,000 after acquiring an additional 3,244 shares during the period. Radnor Capital Management LLC grew its stake in shares of First Horizon by 4.3% in the second quarter. Radnor Capital Management LLC now owns 30,925 shares of the financial services provider's stock valued at $656,000 after acquiring an additional 1,275 shares in the last quarter. Finally, Davis Investment Partners LLC increased its position in First Horizon by 10.6% during the second quarter. Davis Investment Partners LLC now owns 25,769 shares of the financial services provider's stock worth $554,000 after acquiring an additional 2,469 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Barclays increased their price target on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. One 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, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.34.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,295 shares of company stock worth $3,322,663. Company insiders own 1.04% of the company's stock.

First Horizon Price Performance

Shares of FHN traded up $0.18 during mid-day trading on Tuesday, reaching $22.87. The company had a trading volume of 1,523,535 shares, compared to its average volume of 7,176,700. The company has a market capitalization of $11.61 billion, a price-to-earnings ratio of 14.77, a P/E/G ratio of 1.09 and a beta of 0.67. 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's 50 day simple moving average is $22.23 and its 200 day simple moving average is $20.33. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.26.

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

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.6%. First Horizon's dividend payout ratio (DPR) 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.