Universal Beteiligungs und Servicegesellschaft mbH Has $8.31 Million Holdings in First Horizon Corporation (NYSE:FHN)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH increased its stake in First Horizon Corporation by 25.7%, now holding approximately $8.31 million worth of shares.
• First Horizon stock recently saw a 2.7% increase, with a current market cap of $11.57 billion and an average target price of $23.28.
• The company announced a quarterly dividend of $0.15 per share, translating to an annualized yield of 2.63%.

Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 25.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 427,903 shares of the financial services provider's stock after purchasing an additional 87,403 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.08% of First Horizon worth $8,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Millennium Management LLC lifted its stake in shares of First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock worth $165,199,000 after buying an additional 6,827,040 shares during the last quarter. Norges Bank purchased a new position in shares of First Horizon in the fourth quarter worth about $132,418,000. Freestone Grove Partners LP purchased a new position in shares of First Horizon in the fourth quarter worth about $75,485,000. Finally, JPMorgan Chase & Co. boosted its position in shares of First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock valued at $111,270,000 after acquiring an additional 3,400,811 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FHN has been the subject of a number of recent research reports. Robert W. Baird upgraded shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price objective for the company in a report on Monday, April 7th. 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. Wells Fargo & Company increased their price objective on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Truist Financial increased their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Finally, Baird R W upgraded shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.28.

First Horizon Stock Down 1.6%

Shares of First Horizon stock traded down $0.36 during midday trading on Wednesday, hitting $21.95. The company's stock had a trading volume of 9,148,901 shares, compared to its average volume of 8,000,842. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 1-year low of $14.34 and a 1-year high of $23.00. The stock has a 50-day simple moving average of $20.92 and a 200-day simple moving average of $20.10. The firm has a market capitalization of $11.13 billion, a P/E ratio of 14.16, a PEG ratio of 1.06 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data 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. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. The business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same period in the previous year, the company posted $0.36 earnings per share. As a group, sell-side analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

Insider Buying and Selling at First Horizon

In other news, COO Tammy Locascio sold 10,285 shares of the 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 completion of the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 38,010 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the completion of the transaction, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. This represents a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company's stock.

First Horizon Profile

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.