Synovus Financial Corp Purchases 30,506 Shares of First Horizon Corporation $FHN

Key Points

• Synovus Financial Corp increased its holdings in First Horizon Corporation by 279.5%, owning 41,420 shares worth approximately $804,000 following the purchase of an additional 30,506 shares.
• A significant number of institutional investors, including Millennium Management LLC and UBS AM, have also increased their stakes in First Horizon, indicating strong institutional interest in the company.
• First Horizon recently declared a quarterly $0.15 dividend with an annualized yield of 2.6%, which will be paid on October 1st to shareholders of record as of September 12th.

Synovus Financial Corp increased its position in First Horizon Corporation (NYSE:FHN - Free Report) by 279.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,420 shares of the financial services provider's stock after purchasing an additional 30,506 shares during the quarter. Synovus Financial Corp's holdings in First Horizon were worth $804,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Byrne Asset Management LLC raised its holdings in shares of First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 830 shares during the period. Golden State Wealth Management LLC grew its stake in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,658 shares during the last quarter. Versant Capital Management Inc grew 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 buying an additional 1,975 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in First Horizon in the 1st quarter valued at about $73,000. Finally, Mpwm Advisory Solutions LLC acquired a new position in First Horizon in the 4th quarter valued at about $130,000. 80.28% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, COO Tammy Locascio sold 10,285 shares of the company's 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 completion of the sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 transaction of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,295 shares of company stock valued at $3,322,663. 1.04% of the stock is currently owned by insiders.

First Horizon Stock Performance

Shares of NYSE:FHN traded down $0.12 on Monday, reaching $22.59. 9,262,381 shares of the company's stock were exchanged, compared to its average volume of 9,895,601. The company has a fifty day moving average of $21.85 and a 200-day moving average of $20.14. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.07 and a beta of 0.67. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last announced its 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. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The firm had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same quarter in the prior year, the business posted $0.36 EPS. On average, research analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio is 38.71%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Jefferies Financial Group assumed coverage on shares of First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price target (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Bank of America upped their price target on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Wells Fargo & Company upped their price target on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.34.

About First Horizon

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.