36,788 Shares in First Horizon Corporation $FHN Acquired by Invst LLC

Invst LLC acquired a new stake in First Horizon Corporation (NYSE:FHN) in the 2nd quarter, Holdings Channel reports. The firm acquired 36,788 shares of the financial services provider’s stock, valued at approximately $943,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kestra Investment Management LLC grew its holdings in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,095 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of First Horizon during the 2nd quarter worth $42,000. Basecamp Wealth Advisors LLC boosted its position in shares of First Horizon by 56.2% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider’s stock worth $47,000 after buying an additional 746 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its stake in First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,874 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FHN. National Bank Financial set a $29.00 target price on shares of First Horizon in a research report on Thursday, July 16th. Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 8th. Finally, Truist Financial raised their price target on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, First Horizon currently has an average rating of “Hold” and an average price target of $27.26.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.91% of the stock is currently owned by corporate insiders.

First Horizon Stock Performance

Shares of NYSE FHN opened at $24.45 on Wednesday. The company has a market cap of $11.59 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The company has a 50-day simple moving average of $25.47 and a 200-day simple moving average of $24.48.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million for the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, equities analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

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

About First Horizon

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.