First Horizon Corporation $FHN Shares Acquired by Tidal Investments LLC

Key Points

• Tidal Investments increased its First Horizon stake by 232% in the second quarter, purchasing 89,660 additional shares and bringing its holdings to 128,311 shares valued at approximately $3.29 million.
• Institutional ownership remains high at 80.28%, with major investors including BlackRock, Bank of New York Mellon, North Reef Capital and California State Teachers Retirement System adding or initiating positions.
• First Horizon reported quarterly EPS of $0.54, ahead of the $0.52 consensus estimate, and declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield. Analysts’ consensus rating is Hold, with a $27.45 target price.

Tidal Investments LLC boosted its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 232.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 128,311 shares of the financial services provider's stock after buying an additional 89,660 shares during the period. Tidal Investments LLC's holdings in First Horizon were worth $3,290,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in First Horizon during the second quarter worth approximately $1,505,239,000. Bank of New York Mellon Corp bought a new position in First Horizon during the second quarter worth $747,445,000. North Reef Capital Management LP increased its position 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 valued at $328,955,000 after purchasing an additional 2,936,368 shares during the period. California State Teachers Retirement System grew its holdings in shares of First Horizon by 2,273.6% during the second quarter. California State Teachers Retirement System now owns 14,208,714 shares of the financial services provider's stock valued at $364,311,000 after buying an additional 13,610,099 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of First Horizon in the fourth quarter worth about $153,942,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Insider Activity

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

First Horizon Price Performance

NYSE:FHN opened at $24.35 on Tuesday. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The company has a 50 day moving average price of $25.26 and a 200-day moving average price of $24.43. The firm has a market cap of $11.53 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same quarter in the previous year, the company earned $0.45 earnings per share. Equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given 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 dividend yield of 2.8%. First Horizon's payout ratio is 32.54%.

Wall Street Analyst Weigh In

Several brokerages have commented on FHN. Weiss Ratings reiterated a "buy (b)" rating on shares of First Horizon in a research report on Friday, September 4th. Morgan Stanley initiated coverage on shares of First Horizon in a report on Tuesday, September 8th. They set an "equal weight" rating and a $30.00 target price for the company. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a research report on Thursday, July 16th. UBS Group reiterated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Finally, Raymond James Financial raised their price objective on shares of First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $27.45.

First Horizon Company Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

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