Hsbc Holdings PLC Takes $3.84 Million Position in First Horizon Corporation $FHN

Key Points

• HSBC Holdings acquired 150,273 shares of First Horizon worth approximately $3.84 million during the second quarter. Institutional investors own 80.28% of the company, with BlackRock and Bank of New York Mellon also establishing large positions.
• Analysts maintain a generally cautious outlook, with a consensus rating of “Hold” and an average price target of $27.26. First Horizon recently exceeded quarterly earnings expectations, reporting $0.54 in EPS versus a $0.52 estimate.
• First Horizon declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 dividend and a 2.8% yield. Shares opened at $24.66, while an executive recently sold 18,313 shares at an average price of $24.85.

Hsbc Holdings PLC purchased a new stake in First Horizon Corporation (NYSE:FHN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 150,273 shares of the financial services provider's stock, valued at approximately $3,837,000.

A number of other hedge funds have also bought and sold shares of FHN. BlackRock Inc. bought a new stake in First Horizon in the 2nd quarter valued at about $1,505,239,000. Bank of New York Mellon Corp bought a new position in shares of First Horizon during the second quarter worth approximately $747,445,000. North Reef Capital Management LP increased its holdings in shares of First Horizon by 25.5% during the first quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider's stock worth $328,955,000 after purchasing an additional 2,936,368 shares during the period. Invesco Ltd. raised its position in shares of First Horizon by 5.6% in the fourth quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider's stock valued at $192,007,000 after buying an additional 426,951 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of First Horizon in the fourth quarter valued at approximately $153,942,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. UBS Group reissued a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday, July 1st. JPMorgan Chase & Co. reduced 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 note on Thursday, July 16th. Wells Fargo & Company started coverage on shares of First Horizon in a report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 target price on the stock. Finally, Evercore set a $27.00 target price on shares of First Horizon in a research report on Monday, July 6th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, First Horizon has a consensus rating of "Hold" and a consensus price target of $27.26.

Insider Transactions at First Horizon

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.91% of the stock is currently owned by insiders.

First Horizon Trading Up 1.0%

Shares of First Horizon stock opened at $24.66 on Friday. The firm's 50 day moving average is $25.46 and its 200 day moving average is $24.46. The firm has a market capitalization of $11.68 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period in the prior year, the business earned $0.45 earnings per share. Equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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

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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