Bank of New York Mellon Corp Has $733.50 Million Stock Position in First Horizon Corporation $FHN

Bank of New York Mellon Corp lowered its holdings in First Horizon Corporation (NYSE:FHN) by 3.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,441,190 shares of the financial services provider’s stock after selling 1,166,810 shares during the period. Bank of New York Mellon Corp owned about 6.39% of First Horizon worth $733,495,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Navigoe LLC acquired a new position in shares of First Horizon during the 3rd quarter worth approximately $25,000. Root Financial Partners LLC acquired a new position in shares of First Horizon during the 3rd quarter worth approximately $31,000. Kestra Investment Management LLC lifted its holdings in First Horizon by 873.1% during the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,458 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in First Horizon by 57.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,743 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 635 shares during the period. 80.28% of the stock is owned by institutional investors.

First Horizon Price Performance

FHN stock opened at $24.20 on Thursday. First Horizon Corporation has a 12-month low of $15.19 and a 12-month high of $25.21. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The company’s fifty day simple moving average is $23.69 and its 200 day simple moving average is $22.58. The firm has a market cap of $11.91 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 0.92 and a beta of 0.61.

First Horizon (NYSE:FHN) last announced its quarterly earnings data on Thursday, January 15th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.46 by $0.06. The company had revenue of $892.00 million during the quarter, compared to the consensus estimate of $863.87 million. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. During the same quarter last year, the firm posted $0.43 EPS. On average, analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. This is an increase from First Horizon’s previous quarterly dividend of $0.15. First Horizon’s dividend payout ratio is presently 31.91%.

First Horizon declared that its board has initiated a share repurchase program on Monday, October 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FHN. Jefferies Financial Group set a $25.00 price objective on First Horizon and gave the stock a “buy” rating in a report on Wednesday, October 15th. Raymond James Financial boosted their price target on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Barclays lifted their price objective on shares of First Horizon from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. UBS Group reissued a “buy” rating and issued a $28.00 price objective on shares of First Horizon in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Horizon in a report on Monday, December 29th. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $26.58.

Insider Transactions at First Horizon

In other First Horizon news, EVP David T. Popwell sold 155,149 shares of First Horizon stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.31, for a total transaction of $3,306,225.19. Following the completion of the transaction, the executive vice president owned 307,432 shares of the company’s stock, valued at $6,551,375.92. The trade was a 33.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jeff L. Fleming sold 7,619 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $21.74, for a total transaction of $165,637.06. Following the transaction, the chief accounting officer directly owned 128,626 shares of the company’s stock, valued at approximately $2,796,329.24. This represents a 5.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.04% of the company’s stock.

First Horizon Company 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.