Royal Bank of Canada Increases Stock Position in First Horizon Corporation $FHN

Royal Bank of Canada lifted its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 63.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,545,164 shares of the financial services provider's stock after acquiring an additional 598,047 shares during the quarter. Royal Bank of Canada owned 0.30% of First Horizon worth $30,007,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Millennium Management LLC lifted its holdings 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 worth $428,686,000 after buying an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings 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 worth $165,199,000 after buying an additional 6,827,040 shares in the last quarter. Invesco Ltd. lifted its holdings in First Horizon by 78.4% during the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after buying an additional 2,968,012 shares in the last quarter. Sculptor Capital LP lifted its holdings in First Horizon by 59.0% during the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock worth $94,517,000 after buying an additional 1,806,000 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in First Horizon by 17.8% during the 1st quarter. Victory Capital Management Inc. now owns 3,190,189 shares of the financial services provider's stock worth $61,953,000 after buying an additional 483,144 shares in the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated 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 sale, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Tammy Locascio sold 10,285 shares of the business'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 in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FHN. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Barclays raised their price objective on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Wells Fargo & Company raised their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Finally, Citigroup raised their price objective on shares of First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Stock Performance

First Horizon stock traded down $0.22 during midday trading on Friday, hitting $22.52. 9,818,628 shares of the company's stock were exchanged, compared to its average volume of 10,587,866. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.08. 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 stock has a market cap of $11.43 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 1.08 and a beta of 0.67. The firm's 50 day simple moving average is $22.14 and its 200 day simple moving average is $20.23.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data 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. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same period last year, the firm posted $0.36 EPS. Equities research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 2.7%. First Horizon's payout ratio is currently 38.71%.

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.