Vise Technologies Inc. Acquires New Position in First Horizon Corporation $FHN

Key Points

• Vise Technologies acquired 129,751 shares of First Horizon during the second quarter, valued at approximately $3.33 million. Institutional investors and hedge funds collectively own 80.28% of the company.
• Analyst sentiment remains mixed, with nine Buy ratings, 10 Hold ratings and one Sell rating. First Horizon has an average rating of “Hold” and a consensus price target of $27.26.
• First Horizon reported quarterly EPS of $0.54, exceeding estimates by $0.02, on revenue of $887 million. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

Vise Technologies Inc. bought a new position in First Horizon Corporation (NYSE:FHN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 129,751 shares of the financial services provider's stock, valued at approximately $3,327,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bessemer Group Inc. increased its position in First Horizon by 0.3% in the first quarter. Bessemer Group Inc. now owns 138,920 shares of the financial services provider's stock worth $3,162,000 after buying an additional 425 shares during the period. Thoroughbred Financial Services LLC lifted its position in First Horizon by 3.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 14,055 shares of the financial services provider's stock valued at $335,000 after purchasing an additional 457 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in First Horizon by 0.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 68,661 shares of the financial services provider's stock valued at $1,641,000 after purchasing an additional 489 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in First Horizon by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 40,296 shares of the financial services provider's stock worth $963,000 after purchasing an additional 507 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its position in First Horizon by 3.5% in the 4th quarter. Sanctuary Advisors LLC now owns 15,803 shares of the financial services provider's stock worth $378,000 after purchasing an additional 537 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FHN shares. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. National Bank Financial set a $29.00 target price on First Horizon in a research report on Thursday, July 16th. Raymond James Financial lifted their target price on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Finally, JPMorgan Chase & Co. decreased their price target on First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $27.26.

First Horizon Stock Down 0.3%

Shares of NYSE:FHN opened at $24.60 on Friday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. The company has a market cap of $11.65 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. The firm has a 50 day simple moving average of $25.48 and a 200 day simple moving average of $24.50.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million during the quarter, compared to analyst estimates of $878.42 million. During the same period last year, the company posted $0.45 EPS. As a group, research analysts expect that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's dividend payout ratio is 32.54%.

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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