Vestcor Inc Makes New $2.43 Million Investment in First Horizon Corporation (NYSE:FHN)

Key Points

• Vestcor Inc acquired 125,264 shares of First Horizon Corporation, worth about $2.43 million, making a significant new investment in the financial services provider.
• First Horizon recently reported earnings of $0.45 per share, surpassing analysts' expectations of $0.41, with a net margin of 17.10% and a revenue of $830.19 million for the quarter.
• The company announced a quarterly dividend of $0.15 per share, reflecting a dividend yield of 2.8% and a payout ratio of 38.71% for its shareholders.

Vestcor Inc acquired a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 125,264 shares of the financial services provider's stock, valued at approximately $2,433,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Byrne Asset Management LLC raised its stake in shares of 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 buying an additional 830 shares during the period. Golden State Wealth Management LLC increased its position in shares of 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 valued at $52,000 after purchasing an additional 2,658 shares during the last quarter. Versant Capital Management Inc boosted 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 valued at $66,000 after acquiring an additional 1,975 shares during the period. Covestor Ltd lifted its holdings in First Horizon by 82.1% in the 4th quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock worth $78,000 after buying an additional 1,748 shares during the period. Finally, Mpwm Advisory Solutions LLC purchased a new position in shares of First Horizon in the 4th quarter valued at approximately $130,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Insider Buying and Selling

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the sale, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction 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 sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FHN. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Bank of America raised their price objective on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Jefferies Financial Group initiated coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. Citigroup increased their target price on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Wells Fargo & Company raised their price objective on First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, First Horizon has an average rating of "Moderate Buy" and a consensus price target of $23.28.

First Horizon Stock Down 2.2%

NYSE:FHN traded down $0.49 during trading hours on Friday, hitting $21.32. The company's stock had a trading volume of 11,663,920 shares, compared to its average volume of 8,369,279. The stock has a market capitalization of $10.81 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 1.01 and a beta of 0.65. The stock has a fifty day moving average of $20.99 and a 200-day moving average of $20.11. 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 Corporation has a 52-week low of $14.34 and a 52-week high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a return on equity of 10.55% and a net margin of 17.10%. 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 company posted $0.36 earnings per share. On average, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is 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.