Ontario Teachers Pension Plan Board Has $1.10 Million Stake in First Horizon Corporation (NYSE:FHN)

Key Points

• The Ontario Teachers Pension Plan Board increased its holdings in First Horizon Corporation by 65.7% to a total of 56,451 shares, valued at approximately $1,096,000.
• Several large investors significantly boosted their positions in First Horizon, with Millennium Management raising its stake by 102.3% and UBS Asset Management by 496.3%.
• First Horizon recently announced a quarterly dividend of $0.15 per share, equating to an annualized yield of 2.8%.

Ontario Teachers Pension Plan Board increased its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 65.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 56,451 shares of the financial services provider's stock after purchasing an additional 22,384 shares during the period. Ontario Teachers Pension Plan Board's holdings in First Horizon were worth $1,096,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC raised its holdings in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares in the last quarter. Versant Capital Management Inc raised its holdings in First Horizon by 137.5% in the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,975 shares in the last quarter. Covestor Ltd raised its holdings in First Horizon by 82.1% in the 4th quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock valued at $78,000 after acquiring an additional 1,748 shares in the last quarter. Finally, Mpwm Advisory Solutions LLC acquired a new position in shares of First Horizon in the 4th quarter worth approximately $130,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 38,010 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the transaction, the executive vice president owned 550,011 shares of the company's stock, valued at $12,210,244.20. This represents a 6.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction on 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 of the company's stock, 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. 1.04% of the stock is currently owned by company insiders.

First Horizon Trading Down 0.4%

FHN traded down $0.09 during mid-day trading on Wednesday, reaching $21.83. The stock had a trading volume of 5,434,570 shares, compared to its average volume of 6,418,029. The stock has a market capitalization of $11.09 billion, a P/E ratio of 14.09, a P/E/G ratio of 1.01 and a beta of 0.65. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm's fifty day simple moving average is $21.21 and its two-hundred day simple moving average is $20.12. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. During the same period last year, the company earned $0.36 EPS. On average, equities analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FHN shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 target price (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Citigroup increased their target price on First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. increased their target price on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Bank of America increased their target price on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Finally, Wells Fargo & Company increased their target price on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Seven 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's stock. According to data from MarketBeat.com, First Horizon has a consensus rating of "Moderate Buy" and an average target price of $23.28.

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.