UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Purchases 4,392,405 Shares of First Horizon Corporation $FHN

Key Points

• UBS AM increased its stake in First Horizon Corporation by 53.5%, acquiring over 4.3 million shares, which brought its total ownership to approximately 12.6 million shares valued at nearly $244 million.
• First Horizon reported a quarterly EPS of $0.45, exceeding analysts' expectations, with a net margin of 17.10% and a revenue of $830.19 million for the quarter.
• The company declared a quarterly dividend of $0.15 per share, set to be paid on October 1st, representing a 2.6% dividend yield and a payout ratio of 38.71%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in First Horizon Corporation (NYSE:FHN - Free Report) by 53.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,594,944 shares of the financial services provider's stock after purchasing an additional 4,392,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 2.48% of First Horizon worth $244,594,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its holdings in First Horizon by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock valued at $1,496,000 after purchasing an additional 1,481 shares during the period. Cerity Partners LLC lifted its holdings in shares of First Horizon by 22.0% during the 1st quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock worth $2,458,000 after acquiring an additional 22,852 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of First Horizon by 13.3% during the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock worth $1,341,000 after acquiring an additional 8,110 shares during the last quarter. Cary Street Partners Financial LLC lifted its holdings in shares of First Horizon by 713.3% during the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock worth $2,933,000 after acquiring an additional 132,481 shares during the last quarter. Finally, Baird Financial Group Inc. bought a new stake in shares of First Horizon during the 1st quarter worth $7,506,000. 80.28% of the stock is owned by institutional investors.

Insider Activity

In related news, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. The trade was 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 this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. This represents a 17.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock worth $3,322,663 in the last quarter. 0.87% of the stock is owned by corporate insiders.

First Horizon Price Performance

FHN stock opened at $22.76 on Friday. The firm's 50-day moving average price is $22.13 and its two-hundred day moving average price is $20.22. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.08. The stock has a market capitalization of $11.56 billion, a price-to-earnings ratio of 14.68, 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 released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $832.95 million. During the same quarter in the previous year, the company earned $0.36 earnings per share. As a group, equities analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

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

Analyst Upgrades and Downgrades

FHN has been the subject of a number of research analyst reports. Bank of America lifted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Barclays lifted their price objective on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 target price (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Finally, Citigroup lifted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.