Voya Investment Management LLC Boosts Holdings in First Horizon Corporation $FHN

Voya Investment Management LLC lifted its stake in First Horizon Corporation (NYSE:FHN) by 301.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 229,860 shares of the financial services provider’s stock after purchasing an additional 172,599 shares during the quarter. Voya Investment Management LLC’s holdings in First Horizon were worth $5,197,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in shares of First Horizon by 12.5% during the first quarter. American Century Companies Inc. now owns 283,790 shares of the financial services provider’s stock worth $5,511,000 after purchasing an additional 31,576 shares during the period. Compound Planning Inc. lifted its stake in First Horizon by 7.6% during the 1st quarter. Compound Planning Inc. now owns 16,013 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 1,130 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Horizon by 17.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 38,842 shares of the financial services provider’s stock valued at $754,000 after acquiring an additional 5,646 shares during the last quarter. Synovus Financial Corp boosted its holdings in shares of First Horizon by 279.5% in the 1st quarter. Synovus Financial Corp now owns 41,420 shares of the financial services provider’s stock valued at $804,000 after acquiring an additional 30,506 shares during the last quarter. Finally, Comerica Bank increased its stake in shares of First Horizon by 5.8% in the first quarter. Comerica Bank now owns 237,910 shares of the financial services provider’s stock worth $4,620,000 after acquiring an additional 13,119 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FHN shares. JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $23.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 16th. Robert W. Baird reiterated a “neutral” rating and set a $25.00 price target on shares of First Horizon in a research report on Thursday, December 11th. Truist Financial raised their price objective on First Horizon from $24.00 to $26.00 and gave the company a “hold” rating in a report on Thursday, December 18th. Weiss Ratings downgraded First Horizon from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Finally, TD Cowen started coverage on First Horizon in a research report on Thursday, September 25th. They set a “hold” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.29.

First Horizon Stock Down 0.1%

FHN stock opened at $24.51 on Friday. The firm’s 50 day moving average price is $22.17 and its 200-day moving average price is $21.98. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The firm has a market cap of $12.07 billion, a PE ratio of 14.85, a PEG ratio of 0.95 and a beta of 0.62. First Horizon Corporation has a one year low of $15.19 and a one year high of $24.75.

First Horizon (NYSE:FHN) last issued 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. First Horizon had a net margin of 18.08% and a return on equity of 10.93%. The firm had revenue of $893.00 million for the quarter, compared to analyst estimates of $848.08 million. During the same period in the prior year, the business posted $0.42 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. On average, equities research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, December 12th. First Horizon’s dividend payout ratio is currently 36.36%.

First Horizon announced that its Board of Directors has authorized a share buyback plan on Monday, October 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity at First Horizon

In other news, CAO Jeff L. Fleming sold 7,619 shares of First Horizon stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $21.74, for a total value of $165,637.06. Following the completion of the transaction, the chief accounting officer owned 128,626 shares in the company, valued at approximately $2,796,329.24. This trade represents a 5.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David T. Popwell sold 155,149 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president owned 307,432 shares in the company, valued at $6,551,375.92. The trade was a 33.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.87% 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.