Caisse de depot et placement du Quebec Buys New Stake in First Horizon Corporation $FHN

Caisse de depot et placement du Quebec purchased a new position in shares of First Horizon Corporation (NYSE:FHN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 581,554 shares of the financial services provider’s stock, valued at approximately $14,911,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in First Horizon in the second quarter valued at $1,505,239,000. Bank of New York Mellon Corp acquired a new stake in First Horizon in the second quarter valued at approximately $747,445,000. Norges Bank acquired a new stake in First Horizon in the fourth quarter valued at approximately $153,942,000. William Blair Investment Management LLC purchased a new stake in shares of First Horizon in the second quarter valued at approximately $123,283,000. Finally, Artemis Investment Management LLP purchased a new stake in shares of First Horizon in the fourth quarter valued at approximately $90,319,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. National Bank Financial set a $29.00 price target on shares of First Horizon in a report on Thursday, July 16th. Truist Financial upped their price objective 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. Wall Street Zen downgraded shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, UBS Group reiterated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, First Horizon presently has an average rating of “Hold” and an average price target of $27.26.

Insider Transactions at First Horizon

In other news, EVP Elizabeth A. Ardoin sold 18,313 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the sale, the executive vice president owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.91% of the stock is currently owned by company insiders.

First Horizon Stock Performance

NYSE FHN opened at $24.66 on Friday. The company has a market cap of $11.68 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 0.97 and a beta of 0.61. The stock’s 50 day simple moving average is $25.46 and its 200-day simple moving average is $24.46. 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.

First Horizon (NYSE:FHN) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million for the quarter, compared to analyst estimates of $878.42 million. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, equities research analysts anticipate that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s payout ratio is 32.54%.

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.