Bank of New York Mellon Corp Cuts Position in First Horizon Corporation $FHN

Bank of New York Mellon Corp decreased its position in First Horizon Corporation (NYSE:FHN) by 6.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,445,311 shares of the financial services provider’s stock after selling 2,018,725 shares during the quarter. Bank of New York Mellon Corp owned 0.06% of First Horizon worth $670,175,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC raised its holdings in shares of First Horizon by 873.1% in 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 in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in shares of First Horizon by 1,348.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in First Horizon in the fourth quarter valued at $51,000. Finally, Triumph Capital Management purchased a new position in First Horizon in the third quarter valued at $77,000. Institutional investors and hedge funds own 80.28% of the company’s stock.

Key Headlines Impacting First Horizon

Here are the key news stories impacting First Horizon this week:

• Positive Sentiment: First Horizon reported Q2 EPS of $0.54, topping analyst expectations and rising from $0.45 a year ago, while revenue also came in ahead of estimates at $890 million. Article Title
• Positive Sentiment: The company highlighted strong loan growth, higher net interest income, and fee income, which support the view that core banking activity is improving. Article Title
• Positive Sentiment: Investor sentiment was also helped by unusually heavy call-option buying, suggesting some traders are positioning for additional upside. Article Title
• Neutral Sentiment: JPMorgan lowered its price target on FHN to $27.00 from $28.50 but kept a neutral rating, indicating limited immediate upside rather than a bearish call. Article Title
• Negative Sentiment: Some market commentary noted the stock fell after the earnings release because expenses increased and capital ratios weakened, raising concerns about margin and balance-sheet pressure. Article Title
• Negative Sentiment: Analysts also flagged funding-cost and deposit-mix concerns, including greater use of brokered funds, which could pressure net interest margin near term. Article Title

First Horizon Stock Up 1.4%

Shares of NYSE:FHN opened at $25.29 on Friday. The stock has a market cap of $12.01 billion, a P/E ratio of 12.10, a P/E/G ratio of 0.97 and a beta of 0.60. The firm has a fifty day moving average price of $24.74 and a 200 day moving average price of $24.26. 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 Corporation has a 1-year low of $19.80 and a 1-year high of $26.56.

First Horizon (NYSE:FHN) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $890.00 million for the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the business posted $0.45 earnings per share. Sell-side analysts predict that First Horizon Corporation will post 2.16 EPS for the current year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a dividend of $0.17 per share. The ex-dividend date was Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. First Horizon’s dividend payout ratio is 34.00%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Autonomous Res cut First Horizon from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Truist Financial upped their price objective on First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Wells Fargo & Company increased their price objective on First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Weiss Ratings raised First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 8th. Finally, UBS Group restated a “buy” rating on shares of First Horizon in a research note on Thursday. Nine investment 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.16.

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.