Squarepoint Ops LLC Grows Stake in First Horizon Corporation $FHN

Key Points

• Squarepoint Ops increased its First Horizon stake by 283.1% in the second quarter, ending with 122,597 shares valued at approximately $3.14 million. Institutional investors collectively own 80.28% of FHN.
• Analysts maintain a generally neutral outlook: nine rate First Horizon a Buy, eleven rate it Hold, and one rates it Sell. The stock has a consensus rating of Hold and a $27.45 price target.
• First Horizon exceeded quarterly earnings expectations, reporting $0.54 EPS and $887 million in revenue, and declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

Squarepoint Ops LLC boosted its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 283.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 122,597 shares of the financial services provider's stock after acquiring an additional 90,597 shares during the quarter. Squarepoint Ops LLC's holdings in First Horizon were worth $3,143,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Kestra Investment Management LLC lifted its position in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after buying an additional 1,458 shares during the last quarter. Ancora Advisors LLC purchased a new stake in First Horizon in the second quarter worth $42,000. Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock valued at $35,000 after buying an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in shares of First Horizon by 1,348.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 1,874 shares in the last quarter. Finally, Basecamp Wealth Advisors LLC lifted its holdings in shares of First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock worth $47,000 after buying an additional 746 shares during the period. 80.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president directly owned 340,368 shares in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.91% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FHN shares. UBS Group reiterated a "buy" rating on shares of First Horizon in a research note on Thursday, July 16th. Truist Financial increased their target price on First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Wells Fargo & Company initiated coverage on First Horizon in a research report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 price target for the company. JPMorgan Chase & Co. reduced their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a report on Thursday, July 16th. Finally, Evercore set a $27.00 price target on shares of First Horizon in a report on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, First Horizon currently has an average rating of "Hold" and a consensus price target of $27.45.

First Horizon Stock Performance

FHN opened at $24.48 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The firm has a 50 day moving average of $25.29 and a two-hundred day moving average of $24.43. The firm has a market capitalization of $11.60 billion, a PE ratio of 11.71, a P/E/G ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's dividend payout ratio (DPR) is 32.54%.

First Horizon Company Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

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