507,770 Shares in First Horizon Corporation $FHN Purchased 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 purchased a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 507,770 shares of the financial services provider's stock, valued at approximately $9,861,000. First Horizon comprises approximately 4.8% of Mendon Capital Advisors Corp's holdings, making the stock its 6th largest position. Mendon Capital Advisors Corp owned 0.10% of First Horizon at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First Horizon by 53.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock worth $244,594,000 after buying an additional 4,392,405 shares during the last quarter. Caxton Associates LLP purchased a new position in shares of First Horizon in the first quarter worth $2,993,000. Goldman Sachs Group Inc. increased its stake in shares of First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after acquiring an additional 865,109 shares during the period. Samlyn Capital LLC increased its stake in shares of First Horizon by 34.8% in the first quarter. Samlyn Capital LLC now owns 3,110,684 shares of the financial services provider's stock worth $60,409,000 after acquiring an additional 802,936 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of First Horizon by 16.0% in the first quarter. NewEdge Advisors LLC now owns 237,027 shares of the financial services provider's stock worth $4,603,000 after acquiring an additional 32,780 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of research reports. Truist Financial increased their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Bank of America increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Barclays increased their price objective on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Finally, Jefferies Financial Group initiated coverage on shares of First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective on the stock. One investment 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 company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.34.

Insider Activity

In other news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated Friday, August 22nd. The shares were 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 $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 Securities & Exchange Commission, which is available through this link. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, 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. In the last quarter, insiders sold 148,295 shares of company stock worth $3,322,663. Company insiders own 1.04% of the company's stock.

First Horizon Price Performance

Shares of NYSE FHN traded down $0.11 during trading on Monday, hitting $22.40. The company had a trading volume of 5,856,617 shares, compared to its average volume of 6,997,833. The stock has a fifty day simple moving average of $22.14 and a two-hundred day simple moving average of $20.22. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.08. The firm has a market capitalization of $11.38 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. 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 announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $832.95 million. During the same quarter last year, the business earned $0.36 earnings per share. On average, research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is 38.71%.

First Horizon Company 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.