First Horizon Corporation $FHN Shares Purchased by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of First Horizon Corporation (NYSE:FHN) by 313.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,164 shares of the financial services provider’s stock after acquiring an additional 47,119 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in First Horizon were worth $1,406,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. LSV Asset Management increased its position in First Horizon by 5.0% during the 2nd quarter. LSV Asset Management now owns 13,458,438 shares of the financial services provider’s stock worth $285,319,000 after purchasing an additional 646,060 shares in the last quarter. Invesco Ltd. grew its stake in First Horizon by 3.8% during the second quarter. Invesco Ltd. now owns 7,010,939 shares of the financial services provider’s stock worth $148,632,000 after buying an additional 255,429 shares during the period. JPMorgan Chase & Co. increased its position in shares of First Horizon by 45.0% in the second quarter. JPMorgan Chase & Co. now owns 6,738,428 shares of the financial services provider’s stock worth $142,855,000 after acquiring an additional 2,091,865 shares in the last quarter. Norges Bank purchased a new position in shares of First Horizon in the 2nd quarter valued at $131,399,000. Finally, William Blair Investment Management LLC acquired a new position in shares of First Horizon during the 2nd quarter valued at $79,776,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

First Horizon Price Performance

Shares of FHN stock opened at $24.52 on Friday. The firm has a fifty day moving average of $23.81 and a two-hundred day moving average of $22.62. The firm has a market cap of $12.08 billion, a P/E ratio of 13.04, a P/E/G ratio of 0.92 and a beta of 0.61. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $25.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95.

First Horizon (NYSE:FHN) last issued its quarterly earnings results 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 business had revenue of $892.00 million for the quarter, compared to analysts’ expectations 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 company posted $0.43 earnings per share. As a group, research analysts anticipate that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.17 dividend. This is a positive change from First Horizon’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. First Horizon’s dividend payout ratio (DPR) is presently 31.91%.

First Horizon declared that its board has approved a stock buyback plan on Monday, October 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

FHN has been the subject of several recent research reports. Raymond James Financial increased their price target on First Horizon from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. JPMorgan Chase & Co. increased their target price on First Horizon from $23.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, December 16th. Robert W. Baird downgraded First Horizon from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. The Goldman Sachs Group set a $27.00 price target on First Horizon and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Finally, Zacks Research upgraded shares of First Horizon from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 16th. One research 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $26.58.

Insider Activity at First Horizon

In other First Horizon news, CAO Jeff L. Fleming sold 7,619 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the firm’s 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 in the company, valued at approximately $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.87% of the company’s stock.

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.