First Horizon Corporation $FHN Shares Acquired by Vident Advisory LLC

Key Points

• Vident Advisory LLC increased its stake in First Horizon Corporation by 142.5%, acquiring 38,916 additional shares to hold a total of 66,222 shares valued at approximately $1.29 million.
• Analysts have set various price targets for First Horizon, with Wells Fargo raising their target from $20.00 to $23.00, while Jefferies targets $25.00; the average consensus target price is currently $23.34.
• The company recently announced a quarterly dividend of $0.15 per share, which translates to an annualized dividend of $0.60 and a yield of 2.7% for shareholders of record.

Vident Advisory LLC boosted its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 142.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,222 shares of the financial services provider's stock after acquiring an additional 38,916 shares during the period. Vident Advisory LLC's holdings in First Horizon were worth $1,286,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Byrne Asset Management LLC increased its stake in First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 830 shares during the period. Golden State Wealth Management LLC increased its holdings in First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of First Horizon by 137.5% in the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,975 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in First Horizon in the 1st quarter valued at about $73,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in shares of First Horizon during the fourth quarter valued at approximately $130,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on FHN. Wells Fargo & Company upped their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Jefferies Financial Group assumed coverage on shares of First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target on the stock. Barclays upped their target price on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Truist Financial lifted their price target on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Finally, Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $23.34.

First Horizon Stock Performance

Shares of FHN stock opened at $22.46 on Thursday. The company has a market capitalization of $11.40 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock's fifty day simple moving average is $21.98 and its 200-day simple moving average is $20.17.

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 the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same period last year, the company posted $0.36 earnings per share. On average, sell-side analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is 38.71%.

Insider Buying and Selling

In other news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value 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. Insiders sold 148,295 shares of company stock valued at $3,322,663 over the last quarter. Corporate insiders own 1.04% of the company's stock.

About First Horizon

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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