Hsbc Holdings PLC Takes $3.84 Million Position in First Horizon Corporation $FHN

Hsbc Holdings PLC purchased a new position in shares of First Horizon Corporation (NYSE:FHN) during the second quarter, HoldingsChannel reports. The firm purchased 150,273 shares of the financial services provider’s stock, valued at approximately $3,837,000.

Several other large investors have also bought and sold shares of the stock. EFG International AG acquired a new position in First Horizon during the 2nd quarter worth about $1,893,000. Ancora Advisors LLC bought a new position in shares of First Horizon during the second quarter worth about $42,000. Expect Equity LLC acquired a new position in shares of First Horizon in the second quarter worth approximately $4,084,000. Primecap Management Co. CA bought a new stake in First Horizon in the second quarter valued at approximately $57,103,000. Finally, Canada Pension Plan Investment Board acquired a new stake in First Horizon during the 2nd quarter valued at approximately $1,531,000. 80.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. National Bank Financial set a $29.00 price target on shares of First Horizon in a research report on Thursday, July 16th. Truist Financial lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Raymond James Financial upped their target price on First Horizon from $26.00 to $28.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.26.

Insider Transactions at First Horizon

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. The trade was a 5.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.91% of the company’s stock.

First Horizon Stock Up 1.0%

Shares of NYSE:FHN opened at $24.66 on Friday. The business’s 50 day simple moving average is $25.46 and its two-hundred day simple moving average is $24.46. The firm has a market cap of $11.68 billion, a P/E ratio of 11.80, a PEG ratio of 0.98 and a beta of 0.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $878.42 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. As a group, research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

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