First Horizon Corporation $FHN Shares Newly Acquired by Reliant Investment Management LLC

Reliant Investment Management LLC acquired a new position in shares of First Horizon Corporation (NYSE:FHN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 226,490 shares of the financial services provider’s stock, valued at approximately $5,214,000. First Horizon comprises 1.8% of Reliant Investment Management LLC’s investment portfolio, making the stock its 26th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in First Horizon in the 2nd quarter valued at about $1,505,239,000. Bank of New York Mellon Corp bought a new position in First Horizon during the second quarter worth about $747,445,000. William Blair Investment Management LLC acquired a new position in First Horizon during the second quarter worth approximately $123,283,000. Bank of America Corp DE acquired a new position in First Horizon during the second quarter worth approximately $96,739,000. Finally, Sculptor Capital LP acquired a new position in First Horizon during the second quarter worth approximately $84,612,000. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FHN has been the topic of several research analyst reports. UBS Group restated a “buy” rating on shares of First Horizon in a research note on Thursday, July 16th. National Bank Financial set a $30.00 target price on First Horizon in a research note on Tuesday, September 8th. Raymond James Financial lifted their target price on First Horizon from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Evercore reissued a “hold” rating and set a $25.00 target price on shares of First Horizon in a report on Thursday, October 1st. Finally, Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a research note on Sunday. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.07.

Insider Activity

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was 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 in the company, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.91% of the stock is currently owned by corporate insiders.

First Horizon Stock Performance

Shares of FHN stock opened at $22.64 on Thursday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 10.83, a PEG ratio of 0.98 and a beta of 0.61. The company has a 50-day simple moving average of $24.25 and a 200 day simple moving average of $24.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97.

First Horizon (NYSE:FHN) last announced its quarterly earnings results 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 business had revenue of $887.00 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 quarter in the prior year, the business earned $0.45 EPS. On average, sell-side analysts predict that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, September 11th. First Horizon’s payout ratio is currently 32.54%.

About First Horizon

First Horizon Corporation (NYSE:FHN) is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.