DekaBank Deutsche Girozentrale Invests $113,000 in First Horizon Corporation $FHN

DekaBank Deutsche Girozentrale bought a new stake in shares of First Horizon Corporation (NYSE:FHN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,451 shares of the financial services provider’s stock, valued at approximately $113,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its holdings in shares of First Horizon by 2.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider’s stock valued at $1,496,000 after purchasing an additional 1,481 shares during the last quarter. Cerity Partners LLC grew its holdings in shares of First Horizon by 22.0% during the 1st quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider’s stock valued at $2,458,000 after purchasing an additional 22,852 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of First Horizon by 13.3% during the 1st quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider’s stock valued at $1,341,000 after purchasing an additional 8,110 shares during the last quarter. Cary Street Partners Financial LLC grew its holdings in shares of First Horizon by 713.3% during the 1st quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider’s stock valued at $2,933,000 after purchasing an additional 132,481 shares during the last quarter. Finally, Baird Financial Group Inc. bought a new position in shares of First Horizon during the 1st quarter valued at $7,506,000. Institutional investors own 80.28% of the company’s stock.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated 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 transaction, the executive vice president directly owned 462,581 shares of the company’s stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.04% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on FHN shares. Citigroup increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. Bank of America increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, July 17th. Jefferies Financial Group set a $25.00 price target on shares of First Horizon and gave the stock a “buy” rating in a report on Wednesday, October 15th. Wall Street Zen raised shares of First Horizon from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Truist Financial raised their price target on shares of First Horizon from $23.00 to $24.00 and gave the stock a “hold” rating in a report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, First Horizon presently has an average rating of “Moderate Buy” and a consensus price target of $24.47.

First Horizon Trading Up 0.5%

NYSE:FHN opened at $20.98 on Tuesday. The company has a 50-day moving average price of $22.25 and a 200-day moving average price of $20.94. First Horizon Corporation has a 12 month low of $15.19 and a 12 month high of $23.70. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market cap of $10.65 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 0.84 and a beta of 0.67.

First Horizon (NYSE:FHN) last posted its earnings results 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. First Horizon had a net margin of 18.08% and a return on equity of 11.03%. The firm had revenue of $849.00 million during the quarter, compared to analysts’ expectations of $848.08 million. During the same period last year, the company posted $0.42 EPS. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. Equities analysts predict that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon declared that its Board of Directors has initiated a share repurchase plan on Monday, October 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

First Horizon Company 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.