Samlyn Capital LLC Grows Position in First Horizon Corporation $FHN

Key Points

• Samlyn Capital LLC increased its stake in First Horizon Corporation by 34.8%, owning 3,110,684 shares valued at approximately $60.41 million as of the recent reporting period.
• Institutional investors own 80.28% of First Horizon's stock, with significant increases in holdings from Millennium Management (102.3%) and UBS AM (496.3%) recorded in the last quarter.
• First Horizon Corporation recently announced a quarterly dividend of $0.15 per share, which will be paid on October 1st, resulting in an annualized dividend yield of 2.7%.

Samlyn Capital LLC lifted its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 34.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,110,684 shares of the financial services provider's stock after purchasing an additional 802,936 shares during the period. Samlyn Capital LLC owned about 0.61% of First Horizon worth $60,409,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Byrne Asset Management LLC raised its stake in shares of First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares during the period. Quarry LP raised its stake in shares of First Horizon by 129.2% during the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after purchasing an additional 1,243 shares during the period. Golden State Wealth Management LLC raised its stake in shares of First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after purchasing an additional 2,658 shares during the period. Versant Capital Management Inc raised its stake 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 during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in First Horizon in the 1st quarter valued at about $73,000. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FHN shares. JPMorgan Chase & Co. boosted their price objective on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Raymond James Financial restated an "outperform" rating and issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Jefferies Financial Group started coverage on First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective on the stock. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Finally, Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Price Performance

Shares of NYSE FHN traded up $0.50 during midday trading on Tuesday, hitting $22.79. 14,305,598 shares of the company's stock were exchanged, compared to its average volume of 10,175,374. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.00. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The company has a market cap of $11.57 billion, a price-to-earnings ratio of 14.70, a PEG ratio of 1.06 and a beta of 0.67. The business's fifty day moving average price is $22.09 and its two-hundred day moving average price is $20.18.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. As a group, research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.6%. First Horizon's dividend payout ratio is currently 38.71%.

Insider Activity at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the company'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 value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,295 shares of company stock valued at $3,322,663. 1.04% of the stock is owned by insiders.

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.