Y Intercept Hong Kong Ltd Acquires New Shares in First Horizon Corporation (NYSE:FHN)

Key Points

• Y Intercept Hong Kong Ltd has invested $618,000 in First Horizon Corporation by acquiring 31,843 shares in the 1st quarter, according to their recent SEC filing.
• Several institutional investors also increased their stakes in First Horizon, with notable purchases including a 41.6% increase by the Teachers Retirement System of the State of Kentucky, bringing its total holdings to $20.54 million.
• First Horizon recently announced a quarterly dividend of $0.15 per share, representing a 2.63% dividend yield with a payout ratio of 38.71%.

Y Intercept Hong Kong Ltd bought a new position in shares of First Horizon Corporation (NYSE:FHN - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 31,843 shares of the financial services provider's stock, valued at approximately $618,000.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in First Horizon by 160.1% during 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. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of First Horizon by 2.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock valued at $1,496,000 after buying an additional 1,481 shares during the period. Cerity Partners LLC lifted its holdings in shares of First Horizon by 22.0% in the 1st quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock valued at $2,458,000 after buying an additional 22,852 shares during the period. Brown Advisory Inc. lifted its holdings in shares of First Horizon by 13.3% in the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock valued at $1,341,000 after buying an additional 8,110 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of First Horizon by 286.9% in the 1st quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock valued at $1,230,000 after buying an additional 46,975 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FHN shares. Citigroup boosted their price objective on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Barclays upped their price target on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price target (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, 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 for the company. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus price target of $23.28.

Insider Buying and Selling

In related news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president owned 550,011 shares in the company, valued at $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on Friday, July 18th. The stock was 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 in the company, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is owned by company insiders.

First Horizon Stock Down 1.6%

Shares of FHN stock traded down $0.36 during trading hours on Wednesday, hitting $21.95. 9,148,901 shares of the company were exchanged, compared to its average volume of 8,000,842. 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 Corporation has a one year low of $14.34 and a one year high of $23.00. The business's 50-day simple moving average is $20.92 and its two-hundred day simple moving average is $20.10. The stock has a market capitalization of $11.13 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 1.06 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million for the quarter, compared to analyst estimates 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 prior year, the business earned $0.36 earnings per share. Sell-side analysts predict that First Horizon Corporation will post 1.67 EPS for the current fiscal 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 paid 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 dividend yield of 2.73%. First Horizon's dividend payout ratio is presently 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.