First Horizon Corporation $FHN is EJF Capital LLC’s 2nd Largest Position

EJF Capital LLC raised its position in shares of First Horizon Corporation (NYSE:FHN) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 295,578 shares of the financial services provider’s stock after buying an additional 4,526 shares during the period. First Horizon comprises about 3.6% of EJF Capital LLC’s investment portfolio, making the stock its 2nd biggest holding. EJF Capital LLC owned approximately 0.06% of First Horizon worth $5,740,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Byrne Asset Management LLC increased its position in shares of First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider’s stock valued at $30,000 after buying an additional 830 shares during the period. Quarry LP increased its position in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider’s stock valued at $43,000 after buying an additional 1,243 shares during the period. Golden State Wealth Management LLC increased its position in shares of First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider’s stock valued at $52,000 after buying an additional 2,658 shares during the period. Versant Capital Management Inc increased its position in shares of First Horizon by 137.5% during the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,975 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of First Horizon during the first quarter valued at about $73,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $22.46 on Thursday. The company has a 50 day moving average price of $21.98 and a 200-day moving average price of $20.17. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.00. The firm has a market capitalization of $11.40 billion, a PE ratio of 14.49, a P/E/G ratio of 1.07 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The firm had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period in the previous year, the business posted $0.36 earnings per share. As a group, equities research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon’s payout ratio is 38.71%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FHN. Truist Financial boosted their price target on shares of First Horizon from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Friday, July 11th. Wells Fargo & Company boosted their price target on shares of First Horizon from $20.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Royal Bank Of Canada reiterated an “outperform” rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research report on Monday, June 9th. Raymond James Financial reiterated an “outperform” rating and issued a $24.00 price target (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Finally, Barclays increased their price target on shares of First Horizon from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.34.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the business’s stock in a transaction that occurred on 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 approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the sale, the chief operating officer owned 342,051 shares of the company’s stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,295 shares of company stock valued at $3,322,663 over the last 90 days. 1.04% of the stock is currently owned by company insiders.

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.