Janney Montgomery Scott LLC Buys 4,123 Shares of First Horizon Corporation $FHN

Janney Montgomery Scott LLC lifted its stake in First Horizon Corporation (NYSE:FHN) by 12.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,754 shares of the financial services provider’s stock after purchasing an additional 4,123 shares during the quarter. Janney Montgomery Scott LLC’s holdings in First Horizon were worth $800,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Horizon by 53.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider’s stock valued at $244,594,000 after acquiring an additional 4,392,405 shares in the last quarter. Invesco Ltd. lifted its position in First Horizon by 78.4% in the 1st quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider’s stock valued at $131,192,000 after acquiring an additional 2,968,012 shares in the last quarter. Nuveen LLC bought a new position in First Horizon in the 1st quarter valued at approximately $46,640,000. Sculptor Capital LP lifted its position in First Horizon by 59.0% in the 1st quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider’s stock valued at $94,517,000 after acquiring an additional 1,806,000 shares in the last quarter. Finally, Phoenix Financial Ltd. bought a new position in First Horizon in the 1st quarter valued at approximately $29,395,000. 80.28% of the stock is owned by institutional investors.

Insider Buying and Selling at First Horizon

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer owned 342,051 shares of the company’s stock, valued at $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock valued at $3,322,663 over the last 90 days. 0.87% of the stock is currently owned by company insiders.

First Horizon Trading Down 9.4%

NYSE:FHN opened at $20.86 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The firm has a market capitalization of $10.59 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 0.96 and a beta of 0.67. First Horizon Corporation has a one year low of $15.19 and a one year high of $23.70. The business has a fifty day moving average price of $22.44 and a 200-day moving average price of $20.74.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $848.08 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.First Horizon’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 EPS. Sell-side analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Friday, September 12th. First Horizon’s dividend payout ratio is 38.71%.

Wall Street Analysts Forecast Growth

FHN has been the topic of several analyst reports. DA Davidson initiated coverage on First Horizon in a research report on Friday, September 26th. They issued a “neutral” rating and a $24.00 price objective on the stock. Wall Street Zen raised First Horizon from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Evercore ISI upped their price objective on First Horizon from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. TD Cowen initiated coverage on First Horizon in a research report on Thursday, September 25th. They issued a “hold” rating and a $25.00 price objective on the stock. Finally, Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

First Horizon Profile

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.