Bank of New York Mellon Corp Has $712.49 Million Stake in First Horizon Corporation $FHN

Bank of New York Mellon Corp trimmed its stake in First Horizon Corporation (NYSE:FHN) by 8.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,608,000 shares of the financial services provider’s stock after selling 3,218,532 shares during the quarter. Bank of New York Mellon Corp owned 0.07% of First Horizon worth $712,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Shields Capital Management LLC increased its stake in First Horizon by 1.9% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 28,026 shares of the financial services provider’s stock valued at $594,000 after buying an additional 514 shares during the period. HighTower Advisors LLC grew its holdings in shares of First Horizon by 1.0% during the 1st quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider’s stock valued at $1,175,000 after acquiring an additional 575 shares in the last quarter. Inspire Investing LLC increased its stake in shares of First Horizon by 3.5% in the second quarter. Inspire Investing LLC now owns 18,383 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 624 shares during the last quarter. Signaturefd LLC raised its holdings in shares of First Horizon by 4.8% during the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider’s stock worth $270,000 after acquiring an additional 635 shares in the last quarter. Finally, Greenleaf Trust raised its holdings in shares of First Horizon by 3.9% during the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider’s stock worth $406,000 after acquiring an additional 779 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is currently owned by corporate insiders.

First Horizon Stock Up 0.2%

Shares of FHN stock opened at $21.41 on Tuesday. The stock’s 50 day simple moving average is $22.15 and its 200 day simple moving average is $21.10. First Horizon Corporation has a twelve month low of $15.19 and a twelve month high of $23.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market capitalization of $10.87 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.81 and a beta of 0.67.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.45 by $0.06. First Horizon had a return on equity of 11.03% and a net margin of 18.08%.The company had revenue of $849.00 million for the quarter, compared to the consensus estimate of $848.08 million. During the same quarter last year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, research analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon declared that its board has approved a share repurchase program on Monday, October 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, December 12th. First Horizon’s dividend payout ratio (DPR) is 36.36%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Truist Financial boosted their target price on First Horizon from $23.00 to $24.00 and gave the company a “hold” rating in a research note on Wednesday, September 24th. Royal Bank Of Canada boosted their price target on First Horizon from $24.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. TD Cowen assumed coverage on First Horizon in a report on Thursday, September 25th. They issued a “hold” rating and a $25.00 price objective on the stock. DA Davidson reiterated a “neutral” rating and issued a $24.00 target price on shares of First Horizon in a research note on Thursday, October 16th. Finally, Robert W. Baird set a $25.00 target price on shares of First Horizon in a research report on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, First Horizon presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.47.

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.