Phoenix Financial Ltd. Invests $29.40 Million in First Horizon Corporation (NYSE:FHN)

Key Points

• Phoenix Financial Ltd. has made a new investment of approximately $29.40 million in First Horizon Corporation, acquiring 1,502,216 shares and owning about 0.29% of the company.
• Institutional investors have significantly increased their holdings in First Horizon, with Millennium Management LLC totaling over $428 million in a recent acquisition.
• First Horizon has released a strong quarterly earnings report, posting $0.45 EPS, exceeding the consensus estimate, and has declared a quarterly dividend yielding 2.70%.

Phoenix Financial Ltd. bought a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,502,216 shares of the financial services provider's stock, valued at approximately $29,395,000. Phoenix Financial Ltd. owned 0.29% of First Horizon as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FHN. Millennium Management LLC raised its stake in First Horizon by 102.3% during the 4th quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after purchasing an additional 10,763,349 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in First Horizon by 496.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after purchasing an additional 6,827,040 shares during the period. Norges Bank acquired a new stake in First Horizon during the 4th quarter valued at $132,418,000. Freestone Grove Partners LP acquired a new stake in First Horizon during the 4th quarter valued at $75,485,000. Finally, JPMorgan Chase & Co. raised its stake in First Horizon by 160.1% during the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock valued at $111,270,000 after purchasing an additional 3,400,811 shares during the period. 80.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on FHN. Citigroup boosted their target price on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Barclays upped their price target 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. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price target (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Truist Financial upped their price target 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. Finally, Keefe, Bruyette & Woods dropped their price target on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.28.

First Horizon Price Performance

Shares of FHN stock traded down $0.18 during trading hours on Tuesday, hitting $22.35. The company had a trading volume of 7,127,932 shares, compared to its average volume of 6,183,400. 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 has a market capitalization of $11.33 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.08 and a beta of 0.61. First Horizon Corporation has a 12 month low of $14.34 and a 12 month high of $23.00. The firm's fifty day moving average is $20.82 and its 200 day moving average is $20.07.

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

Insider Buying and Selling at First Horizon

In other news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Tammy Locascio sold 10,285 shares of the firm's 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 sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.04% of the company's stock.

First Horizon 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.