Mitsubishi UFJ Asset Management Co. Ltd. Acquires 372,000 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Mitsubishi UFJ Asset Management significantly increased its stake in First Horizon Corporation, raising its holdings by 1,477.3% during the first quarter to 397,181 shares, valued at approximately $7.7 million.
• Several analysts have upgraded their price targets for First Horizon, with Barclays raising it to $26.00, while the average consensus price target is around $23.28.
• First Horizon announced a quarterly dividend of $0.15 per share, yielding approximately 2.8%, set to be paid on October 1st.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 1,477.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 397,181 shares of the financial services provider's stock after purchasing an additional 372,000 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of First Horizon worth $7,713,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Ontario Teachers Pension Plan Board increased its position in shares of First Horizon by 65.7% in the first quarter. Ontario Teachers Pension Plan Board now owns 56,451 shares of the financial services provider's stock worth $1,096,000 after acquiring an additional 22,384 shares in the last quarter. Cary Street Partners Financial LLC grew its position in First Horizon by 713.3% during the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock worth $2,933,000 after purchasing an additional 132,481 shares in the last quarter. New Age Alpha Advisors LLC raised its stake in First Horizon by 13.5% during the 1st quarter. New Age Alpha Advisors LLC now owns 345,904 shares of the financial services provider's stock valued at $6,717,000 after purchasing an additional 41,133 shares during the period. Argent Trust Co lifted its holdings in shares of First Horizon by 5.6% in the first quarter. Argent Trust Co now owns 25,140 shares of the financial services provider's stock valued at $488,000 after purchasing an additional 1,325 shares in the last quarter. Finally, Natixis Advisors LLC boosted its position in shares of First Horizon by 6.7% in the first quarter. Natixis Advisors LLC now owns 321,795 shares of the financial services provider's stock worth $6,249,000 after buying an additional 20,218 shares during the period. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

Shares of FHN stock traded down $0.43 during trading hours on Friday, reaching $21.85. 7,011,407 shares of the company's stock were exchanged, compared to its average volume of 10,116,040. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. 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 fifty day moving average price of $21.33 and a 200-day moving average price 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 released its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share 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 during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the company earned $0.36 earnings per share. Analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on FHN. Wall Street Zen raised shares of First Horizon from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Raymond James Financial reaffirmed an "outperform" rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Bank of America increased their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Royal Bank Of Canada restated an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $23.28.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the transaction, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is owned by insiders.

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.