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LPL Financial LLC Acquires 18,377 Shares of First Horizon Corporation (NYSE:FHN)

First Horizon logo with Finance background

Key Points

  • LPL Financial LLC increased its shareholding in First Horizon Corporation by 11.2%, acquiring an additional 18,377 shares, bringing its total holdings to 182,878 shares valued at approximately $3.55 million.
  • A significant number of institutional investors have made substantial changes to their positions in First Horizon, with Millennium Management LLC increasing its holdings by 102.3% and UBS Asset Management boosting its stake by 496.3% in recent quarters.
  • First Horizon recently announced a $0.15 quarterly dividend, representing a yield of 2.7%, with the payment date set for October 1st for investors of record as of September 12th.
  • Looking to export and analyze First Horizon data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

LPL Financial LLC lifted its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 11.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 182,878 shares of the financial services provider's stock after acquiring an additional 18,377 shares during the quarter. LPL Financial LLC's holdings in First Horizon were worth $3,551,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FHN. Millennium Management LLC raised its position in shares of First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after acquiring an additional 10,763,349 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after acquiring an additional 6,827,040 shares during the last quarter. Freestone Grove Partners LP bought a new stake in shares of First Horizon during the fourth quarter worth $75,485,000. Phoenix Financial Ltd. bought a new stake in shares of First Horizon during the first quarter worth $29,395,000. Finally, Northern Trust Corp raised its position in shares of First Horizon by 29.5% during the fourth quarter. Northern Trust Corp now owns 4,970,951 shares of the financial services provider's stock worth $100,115,000 after acquiring an additional 1,130,991 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

Insider Activity

In related news, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the sale, the executive vice president owned 550,011 shares in the company, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company's stock.

Analyst Ratings Changes

FHN has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Jefferies Financial Group initiated coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. JPMorgan Chase & Co. upped their price objective on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $23.28.

Get Our Latest Report on FHN

First Horizon Stock Down 1.9%

FHN stock opened at $21.85 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market capitalization of $11.09 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.06 and a beta of 0.65. The business has a 50-day moving average of $21.33 and a 200-day moving average of $20.14. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. During the same period in the prior year, the firm earned $0.36 earnings per share. On average, sell-side analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio is presently 38.71%.

First Horizon Profile

(Free Report)

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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Institutional Ownership by Quarter for First Horizon (NYSE:FHN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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