Simplicity Wealth LLC Takes $6.62 Million Position in First Horizon Corporation $FHN

Key Points

• Simplicity Wealth LLC has acquired a new stake in First Horizon Corporation valued at approximately $6.62 million, buying 312,005 shares, which represents about 0.06% of the company.
• Several institutional investors have aggressively increased their stakes in First Horizon, with UBS AM boosting its investment by over 53% during the first quarter.
• Analysts have raised their price targets for First Horizon shares, with Bank of America setting a target of $27.00, while the average rating remains a "Moderate Buy".

Simplicity Wealth LLC purchased a new stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 312,005 shares of the financial services provider's stock, valued at approximately $6,615,000. Simplicity Wealth LLC owned about 0.06% of First Horizon as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FHN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock worth $244,594,000 after purchasing an additional 4,392,405 shares during the period. Invesco Ltd. lifted its stake in shares of First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock worth $131,192,000 after purchasing an additional 2,968,012 shares during the period. Nuveen LLC bought a new position in shares of First Horizon in the 1st quarter worth approximately $46,640,000. Sculptor Capital LP lifted its stake in shares of First Horizon by 59.0% in the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock worth $94,517,000 after purchasing an additional 1,806,000 shares during the period. Finally, Phoenix Financial Ltd. bought a new position in shares of First Horizon in the 1st quarter worth approximately $29,395,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FHN shares. Wells Fargo & Company increased their price objective on shares of First Horizon from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, September 29th. Truist Financial increased their price objective on shares of First Horizon from $23.00 to $24.00 and gave the stock a "hold" rating in a research note on Wednesday, September 24th. DA Davidson started coverage on shares of First Horizon in a research note on Friday, September 26th. They issued a "neutral" rating and a $24.00 price objective on the stock. Bank of America increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, JPMorgan Chase & Co. raised their target price on shares of First Horizon from $23.00 to $25.00 and gave the stock a "neutral" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and a consensus target price of $24.53.

First Horizon Price Performance

Shares of NYSE:FHN opened at $22.58 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $23.26. The company has a market capitalization of $11.46 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.05 and a beta of 0.67. The firm's 50 day simple moving average is $22.31 and its two-hundred day simple moving average is $20.57.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating 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 business had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Research analysts expect that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were given a dividend of $0.15 per share. The ex-dividend date was Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

Insider Activity at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares in the company, 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 filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction that occurred on 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 in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 148,295 shares of company stock worth $3,322,663. Company insiders own 0.87% 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.

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