NewEdge Advisors LLC Acquires 32,780 Shares of First Horizon Corporation $FHN

Key Points

• NewEdge Advisors LLC increased its stake in First Horizon Corporation by 16.0%, acquiring an additional 32,780 shares to bring its total holdings to 237,027 shares, valued at approximately $4.6 million.
• Several hedge funds have also significantly increased their positions in First Horizon, with Interval Partners LP raising its stake by 71.1%, now owning 721,475 shares worth around $14 million.
• First Horizon recently declared a quarterly dividend of $0.15 per share, representing a 2.7% yield based on its recent stock price.

NewEdge Advisors LLC lifted its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,027 shares of the financial services provider's stock after purchasing an additional 32,780 shares during the period. NewEdge Advisors LLC's holdings in First Horizon were worth $4,603,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. HighTower Advisors LLC boosted its position in shares of First Horizon by 1.0% during the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock valued at $1,175,000 after purchasing an additional 575 shares in the last quarter. Signaturefd LLC boosted its position in shares of First Horizon by 4.8% during the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 635 shares in the last quarter. Tidal Investments LLC boosted its position in shares of First Horizon by 1.2% during the 4th quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock valued at $1,357,000 after purchasing an additional 767 shares in the last quarter. Greenleaf Trust boosted its position in shares of First Horizon by 3.9% during the 1st quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock valued at $406,000 after purchasing an additional 779 shares in the last quarter. Finally, Summit Asset Management LLC boosted its position in shares of First Horizon by 4.5% during the 1st quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock valued at $358,000 after purchasing an additional 788 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Citigroup increased their price target on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Bank of America increased their price target on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Truist Financial increased their price target on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. increased their price target on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $23.34.

Insider Activity at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on 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 directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. 1.04% of the stock is owned by insiders.

First Horizon Stock Down 1.0%

Shares of NYSE:FHN traded down $0.22 during mid-day trading on Friday, hitting $22.52. 9,818,628 shares of the company traded hands, compared to its average volume of 10,728,233. The stock has a market cap of $11.43 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.07 and a beta of 0.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.08. The stock has a 50-day moving average price of $22.14 and a two-hundred day moving average price of $20.22.

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. The company had revenue of $830.19 million for 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 quarter in the previous year, the firm earned $0.36 earnings per share. On average, equities research analysts forecast 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. Investors of record on Friday, September 12th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's payout ratio is presently 38.71%.

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.