NewEdge Advisors LLC Increases Stake in 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 boosted its position in First Horizon Corporation (NYSE:FHN - Free Report) by 16.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 237,027 shares of the financial services provider's stock after acquiring 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.

A number of other large investors have also added to or reduced their stakes in the company. HighTower Advisors LLC grew its holdings in First Horizon by 1.0% in the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock worth $1,175,000 after acquiring an additional 575 shares during the last quarter. Signaturefd LLC grew its holdings in First Horizon by 4.8% in the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock worth $270,000 after acquiring an additional 635 shares during the last quarter. Tidal Investments LLC grew its holdings in First Horizon by 1.2% in the 4th quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock worth $1,357,000 after acquiring an additional 767 shares during the last quarter. Greenleaf Trust grew its holdings in First Horizon by 3.9% in the 1st quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock worth $406,000 after acquiring an additional 779 shares during the last quarter. Finally, Summit Asset Management LLC grew its holdings in First Horizon by 4.5% in the 1st quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock worth $358,000 after acquiring an additional 788 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

First Horizon Stock Down 1.0%

Shares of NYSE FHN traded down $0.22 during midday trading on Friday, hitting $22.52. The stock had a trading volume of 9,818,628 shares, compared to its average volume of 7,007,003. The business's 50 day moving average is $22.13 and its 200-day moving average is $20.22. The company has a market cap of $11.43 billion, a P/E ratio of 14.53, a PEG ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a 52 week low of $14.82 and a 52 week 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 issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer directly 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 disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock valued at $3,322,663 over the last three months. 0.87% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FHN shares. Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 target price (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Wells Fargo & Company lifted their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Truist Financial lifted their target price on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, July 11th. Finally, Bank of America lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. 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 MarketBeat.com, the stock 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.