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 purchased a new position in First Horizon Corporation (NYSE:FHN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 125,264 shares of the financial services provider's stock, valued at approximately $2,433,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. American Century Companies Inc. increased its position in shares of First Horizon by 1.5% in the 4th quarter. American Century Companies Inc. now owns 252,214 shares of the financial services provider's stock valued at $5,080,000 after buying an additional 3,777 shares in the last quarter. LPL Financial LLC boosted its stake in shares of First Horizon by 4.4% during the 4th quarter. LPL Financial LLC now owns 164,501 shares of the financial services provider's stock worth $3,313,000 after buying an additional 6,931 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in First Horizon by 160.1% in the 4th quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock valued at $111,270,000 after purchasing an additional 3,400,811 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in First Horizon by 3.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 73,982 shares of the financial services provider's stock valued at $1,490,000 after purchasing an additional 2,268 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in First Horizon by 30.5% in the 4th quarter. Orion Portfolio Solutions LLC now owns 55,387 shares of the financial services provider's stock valued at $1,115,000 after purchasing an additional 12,944 shares during the last quarter. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Trading Down 0.3%

Shares of FHN stock traded down $0.07 during trading hours on Tuesday, reaching $21.61. 6,392,048 shares of the stock were exchanged, compared to its average volume of 6,313,277. First Horizon Corporation has a 12-month low of $14.59 and a 12-month high of $23.00. The company's 50-day moving average price is $21.03 and its 200-day moving average price is $20.10. The firm has a market capitalization of $10.96 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.01 and a beta of 0.65. 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 issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate 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 earned $0.36 EPS. As a group, equities analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.8%. First Horizon's dividend payout ratio is currently 38.71%.

Insiders Place Their Bets

In other First Horizon 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 owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David T. Popwell sold 38,010 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president directly owned 550,011 shares of the company's stock, valued at $12,210,244.20. The trade was a 6.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FHN. Truist Financial lifted their price target on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, July 11th. Baird R W raised shares of First Horizon from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Finally, Bank of America raised their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Seven equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $23.28.

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.