Point72 Europe London LLP Raises Holdings in First Horizon Corporation $FHN

Key Points

• Point72 Europe London LLP increased its stake in First Horizon Corporation by 28.4%, acquiring an additional 129,413 shares, bringing its total ownership to 585,170 shares valued at approximately $11.36 million.
• Notable institutional investors, including Millennium Management LLC and UBS Asset Management, have significantly increased their positions in First Horizon, with ownership among hedge funds reaching 80.28% of the company's stock.
• First Horizon announced a quarterly dividend of $0.15, expected to be paid on October 1st, reflecting an annualized yield of 2.7% based on its current payout ratio of 38.71%.

Point72 Europe London LLP increased its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 28.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 585,170 shares of the financial services provider's stock after buying an additional 129,413 shares during the period. Point72 Europe London LLP owned 0.12% of First Horizon worth $11,364,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its stake in shares of First Horizon by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock worth $1,496,000 after buying an additional 1,481 shares during the last quarter. Cerity Partners LLC boosted its stake in First Horizon by 22.0% during the 1st quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock valued at $2,458,000 after purchasing an additional 22,852 shares during the last quarter. Brown Advisory Inc. boosted its stake in First Horizon by 13.3% during the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock valued at $1,341,000 after purchasing an additional 8,110 shares during the last quarter. Cary Street Partners Financial LLC boosted its stake 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 valued at $2,933,000 after purchasing an additional 132,481 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in First Horizon by 286.9% during the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock valued at $1,230,000 after purchasing an additional 46,975 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on FHN shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Wells Fargo & Company increased their target price on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Bank of America increased their price target on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Barclays increased their price target on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target on the stock. 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's stock. Based on data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus price target of $23.34.

First Horizon Stock Performance

First Horizon stock traded up $0.28 during trading on Thursday, reaching $22.78. The company had a trading volume of 11,381,440 shares, compared to its average volume of 6,815,500. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.00. The firm's 50-day simple moving average is $21.98 and its 200 day simple moving average is $20.17. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 14.70, a price-to-earnings-growth 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 (NYSE:FHN - Get Free Report) last posted its quarterly earnings results 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 business 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 period last year, the firm earned $0.36 earnings per share. Sell-side analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

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 issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

Insider Transactions at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction dated 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 $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 148,295 shares of company stock worth $3,322,663. Insiders own 1.04% of the company's stock.

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.