507,770 Shares in First Horizon Corporation $FHN Acquired by Mendon Capital Advisors Corp

Key Points

• Mendon Capital Advisors Corp has invested $9.86 million in First Horizon Corporation, acquiring 507,770 shares, which represents about 4.8% of its holdings.
• First Horizon reported a net margin of 17.10% and earnings per share of $0.45 for the last quarter, beating analysts' estimates.
• Multiple analysts have raised their price targets for First Horizon, with Bank of America increasing its target from $26 to $27 and maintaining a "buy" rating.

Mendon Capital Advisors Corp acquired a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 507,770 shares of the financial services provider's stock, valued at approximately $9,861,000. First Horizon makes up about 4.8% of Mendon Capital Advisors Corp's holdings, making the stock its 6th biggest holding. Mendon Capital Advisors Corp owned about 0.10% of First Horizon at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FHN. Fiduciary Trust Co bought a new position in shares of First Horizon during the fourth quarter valued at approximately $308,000. Focus Partners Wealth grew its holdings in shares of First Horizon by 6.9% during the fourth quarter. Focus Partners Wealth now owns 45,894 shares of the financial services provider's stock valued at $924,000 after purchasing an additional 2,972 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in shares of First Horizon during the fourth quarter valued at approximately $999,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Horizon by 15.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 105,928 shares of the financial services provider's stock valued at $2,133,000 after purchasing an additional 14,105 shares during the last quarter. Finally, Millennium Management LLC grew its holdings 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 valued at $428,686,000 after purchasing an additional 10,763,349 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction dated 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 directly owned 462,581 shares of the company's stock, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of First Horizon 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 directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is currently owned by company insiders.

First Horizon Stock Down 1.0%

Shares of FHN traded down $0.22 during mid-day trading on Friday, reaching $22.52. The company's stock had a trading volume of 9,818,628 shares, compared to its average volume of 10,587,866. The business has a fifty day moving average of $22.14 and a 200 day moving average of $20.23. The company has a market cap of $11.43 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 1.08 and a beta of 0.67. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.08. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $832.95 million. During the same period in the prior year, the business posted $0.36 earnings per share. As a group, analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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

Wall Street Analyst Weigh In

FHN has been the subject of several recent research reports. Wells Fargo & Company upped their target price 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 issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Barclays increased their price objective on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group began 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. Finally, JPMorgan Chase & Co. increased their price objective on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $23.34.

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.