Mendon Capital Advisors Corp Invests $9.86 Million in First Horizon Corporation $FHN

Mendon Capital Advisors Corp acquired a new position in shares of First Horizon Corporation (NYSE:FHN) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 507,770 shares of the financial services provider’s stock, valued at approximately $9,861,000. First Horizon comprises about 4.8% of Mendon Capital Advisors Corp’s holdings, making the stock its 6th largest position. Mendon Capital Advisors Corp owned approximately 0.10% of First Horizon as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in FHN. Cambridge Investment Research Advisors Inc. boosted its position in 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 last quarter. Cerity Partners LLC raised its stake in First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock worth $2,458,000 after acquiring an additional 22,852 shares during the period. Brown Advisory Inc. grew its position in First Horizon by 13.3% in the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock worth $1,341,000 after purchasing an additional 8,110 shares during the last quarter. Cary Street Partners Financial LLC grew its position in First Horizon by 713.3% in the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock worth $2,933,000 after purchasing an additional 132,481 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in 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 worth $1,230,000 after purchasing an additional 46,975 shares during the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Stock Performance

NYSE:FHN opened at $22.79 on Wednesday. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.00. The firm’s fifty day simple moving average is $22.09 and its 200 day simple moving average is $20.18. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.57 billion, a PE ratio of 14.70, a PEG ratio of 1.06 and a beta of 0.67.

First Horizon (NYSE:FHN) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same period last year, the business posted $0.36 EPS. On average, sell-side analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. First Horizon’s dividend payout ratio (DPR) is presently 38.71%.

Analyst Ratings Changes

Several research analysts have recently issued reports on FHN shares. Bank of America increased their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Raymond James Financial reiterated an “outperform” rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Barclays boosted their target price on shares of First Horizon from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Finally, Truist Financial raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.34.

Insiders Place Their Bets

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the firm’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the sale, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock worth $3,322,663 over the last quarter. 1.04% of the stock is currently owned by company insiders.

First Horizon 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.