First Horizon Co. (NYSE:FHN) Shares Bought by HB Wealth Management LLC

Posted by Defense World Staff on Apr 1st, 2023

HB Wealth Management LLC raised its stake in First Horizon Co. (NYSE:FHN – Get Rating) by 48.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,658 shares of the financial services provider’s stock after acquiring an additional 5,765 shares during the period. HB Wealth Management LLC’s holdings in First Horizon were worth $433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in First Horizon by 1.5% in the third quarter. Vanguard Group Inc. now owns 52,975,376 shares of the financial services provider’s stock valued at $1,213,136,000 after acquiring an additional 784,435 shares in the last quarter. State Street Corp boosted its stake in First Horizon by 7.5% in the third quarter. State Street Corp now owns 18,554,395 shares of the financial services provider’s stock valued at $427,545,000 after acquiring an additional 1,302,014 shares in the last quarter. Royal Bank of Canada boosted its stake in First Horizon by 6.5% in the third quarter. Royal Bank of Canada now owns 8,205,275 shares of the financial services provider’s stock valued at $187,901,000 after acquiring an additional 497,777 shares in the last quarter. Westchester Capital Management LLC boosted its stake in First Horizon by 7.9% in the third quarter. Westchester Capital Management LLC now owns 5,846,741 shares of the financial services provider’s stock valued at $133,890,000 after acquiring an additional 429,056 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in First Horizon by 62.6% in the first quarter. Goldman Sachs Group Inc. now owns 4,302,681 shares of the financial services provider’s stock valued at $101,070,000 after acquiring an additional 1,657,018 shares in the last quarter. Institutional investors and hedge funds own 77.41% of the company’s stock.

First Horizon Price Performance

Shares of FHN opened at $17.78 on Friday. The company has a market capitalization of $9.55 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 1.77 and a beta of 0.93. First Horizon Co. has a fifty-two week low of $13.40 and a fifty-two week high of $24.92. The firm has a 50-day simple moving average of $21.67 and a 200-day simple moving average of $23.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 0.94.

First Horizon (NYSE:FHN – Get Rating) last posted its quarterly earnings results on Wednesday, January 18th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. The firm had revenue of $882.00 million during the quarter, compared to analysts’ expectations of $883.23 million. First Horizon had a net margin of 25.66% and a return on equity of 12.98%. During the same period in the prior year, the company posted $0.48 earnings per share. On average, equities research analysts anticipate that First Horizon Co. will post 1.94 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Friday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, March 16th. This represents a $0.60 annualized dividend and a yield of 3.37%. First Horizon’s dividend payout ratio is currently 39.22%.

Insider Buying and Selling

In related news, CEO D Bryan Jordan sold 93,157 shares of the stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $24.80, for a total transaction of $2,310,293.60. Following the completion of the transaction, the chief executive officer now directly owns 1,396,259 shares of the company’s stock, valued at $34,627,223.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other First Horizon news, EVP Terry Lawson Akins sold 4,694 shares of the stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $24.67, for a total value of $115,800.98. Following the completion of the transaction, the executive vice president now directly owns 145,691 shares of the company’s stock, valued at $3,594,196.97. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO D Bryan Jordan sold 93,157 shares of the stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $24.80, for a total transaction of $2,310,293.60. Following the completion of the transaction, the chief executive officer now directly owns 1,396,259 shares of the company’s stock, valued at $34,627,223.20. The disclosure for this sale can be found here. 1.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company upgraded shares of First Horizon from an “equal weight” rating to an “overweight” rating and set a $25.00 target price for the company in a research note on Friday, March 24th. StockNews.com assumed coverage on shares of First Horizon in a research note on Thursday, March 16th. They set a “sell” rating for the company.

About First Horizon

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First Horizon Corp. (Tennessee) operates as a financial holding company, which engages in the provision of checking accounts, savings products, mortgage banking, lending, and financing to individuals and businesses. It operates the business through three segments: Regional Banking, Specialty Banking, and Corporate.