Russell Investments Group Ltd. Grows Position in First Horizon Corporation $FHN

Key Points

• Russell Investments Group Ltd. has expanded its stake in First Horizon Corporation by 66.0% during the first quarter, now owning approximately 269,744 shares worth $5.2 million.
• Several institutional investors have made significant movements in First Horizon's stock, with Millennium Management increasing its stake by 102.3% in the fourth quarter, now holding over 21 million shares valued at approximately $428 million.
• First Horizon announced a quarterly dividend of $0.15 per share, translating to a 2.7% yield, with an ex-dividend date set for September 12th.

Russell Investments Group Ltd. increased its position in First Horizon Corporation (NYSE:FHN - Free Report) by 66.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 269,744 shares of the financial services provider's stock after purchasing an additional 107,218 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.05% of First Horizon worth $5,238,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FHN. Millennium Management LLC lifted its stake in shares of First Horizon by 102.3% in 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 increased its position 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 buying an additional 6,827,040 shares in the last quarter. Freestone Grove Partners LP bought a new position in First Horizon during the 4th quarter valued at approximately $75,485,000. Invesco Ltd. increased its position 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 valued at $131,192,000 after buying an additional 2,968,012 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of First Horizon in the 1st quarter worth $46,640,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was 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. The trade was a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction dated Friday, July 18th. The shares were 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 $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company's stock.

First Horizon Stock Performance

FHN stock opened at $21.9450 on Friday. The company has a market cap of $11.14 billion, a P/E ratio of 14.16, a price-to-earnings-growth ratio of 1.03 and a beta of 0.65. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.00. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The stock's fifty day moving average price is $21.47 and its 200-day moving average price is $20.15.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 10.55% and a net margin of 17.10%.During the same period last year, the business posted $0.36 EPS. On average, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business 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. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's payout ratio is currently 38.71%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FHN shares. Wall Street Zen raised First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Jefferies Financial Group started coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 target price for the company. JPMorgan Chase & Co. lifted 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. Barclays lifted their target price on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial lifted their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, First Horizon currently 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.

Want to see what other hedge funds are holding FHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Horizon Corporation (NYSE:FHN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.