Ieq Capital LLC Acquires Shares of 109,374 First Horizon Corporation $FHN

Ieq Capital LLC acquired a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 109,374 shares of the financial services provider’s stock, valued at approximately $2,804,000.

Other hedge funds have also recently bought and sold shares of the company. Callan Family Office LLC bought a new stake in shares of First Horizon in the 2nd quarter worth $1,576,000. Allworth Financial LP purchased a new position in First Horizon during the second quarter worth about $383,000. B. Metzler seel. Sohn & Co. AG purchased a new position in First Horizon during the second quarter worth about $560,000. Vise Technologies Inc. bought a new stake in First Horizon in the 2nd quarter worth about $3,327,000. Finally, one8zero8 LLC purchased a new stake in First Horizon in the 2nd quarter valued at about $333,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions 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 sale, the executive vice president owned 340,368 shares in the company, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.91% of the stock is owned by insiders.

First Horizon Stock Performance

Shares of FHN opened at $24.54 on Tuesday. First Horizon Corporation has a 1 year low of $19.80 and a 1 year 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 stock’s fifty day moving average price is $25.48 and its two-hundred day moving average price is $24.49. The firm has a market cap of $11.62 billion, a PE ratio of 11.74, a PEG ratio of 0.98 and a beta of 0.61.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping 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 company had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the company earned $0.45 EPS. On average, equities research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The firm 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 annualized dividend and a dividend yield of 2.8%. First Horizon’s payout ratio is 32.54%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FHN. 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 report on Friday, July 10th. Wells Fargo & Company initiated coverage on First Horizon in a report on Monday, August 10th. They set an “equal weight” rating and a $28.00 price target on the stock. UBS Group reissued a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st. Finally, Autonomous Res lowered First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, First Horizon presently has an average rating of “Hold” and a consensus price target of $27.26.

First Horizon Profile

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.