Vanguard Personalized Indexing Management LLC Boosts Stake in First Horizon Corporation $FHN

Key Points

• Vanguard Personalized Indexing Management LLC increased its stake in First Horizon Corporation by 18.4%, owning 90,629 shares worth approximately $1.92 million after acquiring 14,107 additional shares.
• Insider transactions revealed that EVP David T. Popwell sold 100,000 shares of First Horizon stock valued at $2.25 million, resulting in a 17.78% decrease in his ownership.
• Equities analysts maintain a Moderate Buy consensus rating for First Horizon, with a price target averaging $24.47 following varying ratings from major firms.

Vanguard Personalized Indexing Management LLC increased its position in First Horizon Corporation (NYSE:FHN - Free Report) by 18.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,629 shares of the financial services provider's stock after buying an additional 14,107 shares during the period. Vanguard Personalized Indexing Management LLC's holdings in First Horizon were worth $1,922,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its position in shares of First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares in the last quarter. Compass Financial Services Inc purchased a new stake in shares of First Horizon in the first quarter worth about $38,000. Quarry LP lifted its position in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after buying an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after buying an additional 2,658 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of First Horizon in the first quarter worth about $73,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was 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 $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FHN shares. Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Evercore ISI reissued an "in-line" rating and set a $20.00 price objective (down from $26.00) on shares of First Horizon in a research note on Thursday. Bank of America boosted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Raymond James Financial set a $23.00 price objective on First Horizon in a research note on Wednesday. Finally, Cowen started coverage on First Horizon in a research note on Wednesday, September 24th. They set a "hold" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.47.

First Horizon Trading Down 4.5%

FHN opened at $19.92 on Friday. The stock has a market cap of $10.11 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 0.86 and a beta of 0.67. The stock's 50 day moving average price is $22.42 and its 200-day moving average price is $20.74. First Horizon Corporation has a one year low of $15.19 and a one year high of $23.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.06. The firm had revenue of $849.00 million for the quarter, compared to analysts' expectations of $848.08 million. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. On average, equities analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 3.0%. First Horizon's dividend payout ratio is 38.71%.

First Horizon Company 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.

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