Focus Partners Advisor Solutions LLC Buys New Shares in First Horizon Corporation $FHN

Key Points

• Focus Partners Advisor Solutions LLC has acquired a new stake in First Horizon Corporation, purchasing 138,165 shares valued at approximately $2.68 million.
• Institutional investors collectively own 80.28% of First Horizon's stock, with significant increases in holdings reported from several firms in the first quarter.
• First Horizon's recent earnings report exceeded analyst expectations, posting $0.45 EPS, along with a quarterly dividend announcement of $0.15 per share scheduled for October 1st.

Focus Partners Advisor Solutions LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 138,165 shares of the financial services provider's stock, valued at approximately $2,683,000.

Several other institutional investors also recently modified their holdings of FHN. Byrne Asset Management LLC grew its holdings in shares of 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 acquiring an additional 830 shares in the last quarter. Quarry LP grew its holdings in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of First Horizon by 53,160.0% in the first 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 grew its holdings 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. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of First Horizon in the first quarter valued at approximately $73,000. 80.28% of the stock is owned by institutional investors.

First Horizon Stock Performance

Shares of NYSE:FHN traded down $0.55 during trading on Friday, hitting $22.24. 11,552,141 shares of the company were exchanged, compared to its average volume of 9,790,048. The company has a market cap of $11.29 billion, a PE ratio of 14.35, a P/E/G ratio of 1.08 and a beta of 0.67. The stock has a 50 day moving average of $22.04 and a 200 day moving average of $20.18. First Horizon Corporation has a 52-week low of $14.82 and a 52-week high of $23.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

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 (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter in the prior year, the business posted $0.36 earnings per share. As a group, equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

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

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at $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 worth $3,322,663 in the last quarter. 0.87% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FHN shares. Citigroup upped their target price on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Wells Fargo & Company increased their price objective on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Raymond James Financial reissued an "outperform" rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 price objective (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Truist Financial increased their price objective on First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

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.