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 boosted its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 53.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 2.48% of First Horizon worth $244,594,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Byrne Asset Management LLC increased its holdings in First Horizon by 115.3% in the first 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. Quarry LP increased its holdings in First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 1,243 shares during the period. Golden State Wealth Management LLC grew its holdings in First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,658 shares during the period. Versant Capital Management Inc grew its holdings in First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in First Horizon during the 1st quarter worth about $73,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on FHN shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $24.00 price target (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Raymond James Financial reiterated an "outperform" rating and set a $24.00 price target (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Wells Fargo & Company raised their target price on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Finally, JPMorgan Chase & Co. raised their target price on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and an average target price of $23.34.

Insiders Place Their Bets

In other news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock worth $3,322,663 in the last three months. Insiders own 1.04% of the company's stock.

First Horizon Stock Performance

Shares of NYSE FHN traded up $0.34 during midday trading on Wednesday, reaching $22.61. The company's stock had a trading volume of 2,895,929 shares, compared to its average volume of 7,027,185. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.08. The firm has a 50 day moving average price of $22.15 and a 200-day moving average price of $20.24. The stock has a market capitalization of $11.48 billion, a P/E ratio of 14.59, a PEG ratio of 1.06 and a beta of 0.67. 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 (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. The company had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter in the previous year, the firm posted $0.36 EPS. 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. First Horizon's payout ratio is presently 38.71%.

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.