First Horizon Corporation $FHN Shares Bought by Tidal Investments LLC

Tidal Investments LLC raised its holdings in First Horizon Corporation (NYSE:FHN) by 232.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 128,311 shares of the financial services provider’s stock after acquiring an additional 89,660 shares during the period. Tidal Investments LLC’s holdings in First Horizon were worth $3,290,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Van Hulzen Asset Management LLC grew its holdings in First Horizon by 4.7% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 31,360 shares of the financial services provider’s stock valued at $804,000 after buying an additional 1,400 shares during the period. Integrated Wealth Concepts LLC boosted its position in shares of First Horizon by 6.9% in the second quarter. Integrated Wealth Concepts LLC now owns 21,396 shares of the financial services provider’s stock worth $549,000 after acquiring an additional 1,385 shares during the last quarter. NewEdge Advisors LLC grew its holdings in First Horizon by 2.3% in the second quarter. NewEdge Advisors LLC now owns 240,924 shares of the financial services provider’s stock valued at $6,177,000 after purchasing an additional 5,399 shares during the period. IFP Advisors Inc raised its stake in First Horizon by 14.8% during the second quarter. IFP Advisors Inc now owns 7,391 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 951 shares during the period. Finally, Squarepoint Ops LLC grew its stake in shares of First Horizon by 283.1% during the 2nd quarter. Squarepoint Ops LLC now owns 122,597 shares of the financial services provider’s stock valued at $3,143,000 after buying an additional 90,597 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of recent research reports. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Morgan Stanley initiated coverage on First Horizon in a research note on Tuesday, September 8th. They issued an “equal weight” rating and a $30.00 target price for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Horizon in a research report on Friday, September 4th. Fundamental Research set a $28.50 target price on shares of First Horizon in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, First Horizon currently has a consensus rating of “Hold” and an average target price of $27.45.

First Horizon Trading Down 0.5%

Shares of NYSE FHN opened at $24.35 on Tuesday. First Horizon Corporation has a 12-month low of $19.80 and a 12-month high of $26.56. The company has a market cap of $11.53 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock’s 50 day simple moving average is $25.26 and its 200 day simple moving average is $24.43.

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

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is currently 32.54%.

Insider Transactions at First Horizon

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 340,368 shares of the company’s stock, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.91% of the stock is owned by company insiders.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.