Susquehanna Fundamental Investments LLC Boosts Stock Holdings in First Horizon Corporation $FHN

Key Points

• Susquehanna Fundamental Investments increased its First Horizon stake by 996.4% in the second quarter, adding 711,556 shares to own 782,972 shares valued at approximately $20.1 million. Institutional investors and hedge funds collectively own 80.28% of FHN.
• Analyst sentiment remains mixed: nine analysts rate the stock a Buy, ten a Hold and one a Sell, producing a consensus rating of “Hold” and an average price target of $27.26.
• First Horizon reported quarterly earnings of $0.54 per share, beating estimates by $0.02, on revenue of $887 million. The company also declared a quarterly dividend of $0.17 per share, equivalent to a 2.8% annualized yield.

Susquehanna Fundamental Investments LLC increased its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 996.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 782,972 shares of the financial services provider's stock after purchasing an additional 711,556 shares during the quarter. Susquehanna Fundamental Investments LLC owned 0.17% of First Horizon worth $20,075,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. William Blair Investment Management LLC lifted its stake in First Horizon by 2.2% in the fourth quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider's stock worth $127,531,000 after acquiring an additional 116,191 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of First Horizon by 158.0% in the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider's stock valued at $12,295,000 after purchasing an additional 330,800 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of First Horizon in the 2nd quarter valued at approximately $1,616,000. Vise Technologies Inc. acquired a new stake in shares of First Horizon in the 2nd quarter valued at $3,327,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of First Horizon in the 2nd quarter valued at $10,061,000. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Wells Fargo & Company began coverage on First Horizon in a report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 price objective on the stock. Finally, Raymond James Financial raised their target price on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $27.26.

Insider Buying and Selling at First Horizon

In related news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the sale, the executive vice president directly owned 340,368 shares of the company's stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.91% of the company's stock.

First Horizon Trading Up 0.0%

NYSE FHN opened at $24.66 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The firm's fifty day moving average price is $25.46 and its 200 day moving average price is $24.45. The company has a market capitalization of $11.68 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $878.42 million. During the same period in the previous year, the company earned $0.45 earnings per share. On average, sell-side analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon's payout ratio is 32.54%.

First Horizon Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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