Toronto Dominion Bank Raises Holdings in First Horizon Co. (NYSE:FHN)

Posted by Defense World Staff on May 8th, 2023

Toronto Dominion Bank boosted its stake in shares of First Horizon Co. (NYSE:FHN – Get Rating) by 297.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 209,965 shares of the financial services provider’s stock after buying an additional 157,118 shares during the period. Toronto Dominion Bank’s holdings in First Horizon were worth $5,141,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of FHN. Private Advisor Group LLC lifted its stake in shares of First Horizon by 15.6% during the 1st quarter. Private Advisor Group LLC now owns 29,962 shares of the financial services provider’s stock worth $704,000 after purchasing an additional 4,036 shares during the last quarter. Panagora Asset Management Inc. lifted its position in shares of First Horizon by 22.9% during the first quarter. Panagora Asset Management Inc. now owns 17,303 shares of the financial services provider’s stock valued at $406,000 after buying an additional 3,224 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of First Horizon by 10.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 310,733 shares of the financial services provider’s stock valued at $7,507,000 after buying an additional 30,189 shares in the last quarter. Blair William & Co. IL grew its position in shares of First Horizon by 2.1% in the 1st quarter. Blair William & Co. IL now owns 28,364 shares of the financial services provider’s stock worth $666,000 after buying an additional 575 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of First Horizon by 3,619.3% during the 1st quarter. Allianz Asset Management GmbH now owns 1,003,120 shares of the financial services provider’s stock worth $23,563,000 after acquiring an additional 976,149 shares in the last quarter. Institutional investors own 77.41% of the company’s stock.

Insider Activity at First Horizon

In other First Horizon news, CEO D Bryan Jordan sold 93,157 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $24.80, for a total value of $2,310,293.60. Following the completion of the transaction, the chief executive officer now owns 1,396,259 shares in the company, valued at $34,627,223.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO D Bryan Jordan sold 93,157 shares of the business’s stock in a transaction on Friday, February 24th. The shares were sold at an average price of $24.80, for a total value of $2,310,293.60. Following the completion of the sale, the chief executive officer now owns 1,396,259 shares of the company’s stock, valued at approximately $34,627,223.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Colin V. Reed bought 25,138 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were bought at an average cost of $9.96 per share, with a total value of $250,374.48. Following the purchase, the director now directly owns 187,027 shares of the company’s stock, valued at $1,862,788.92. The disclosure for this purchase can be found here. Company insiders own 1.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FHN. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $25.00 price target on shares of First Horizon in a report on Wednesday, April 19th. Wells Fargo & Company raised First Horizon from an “equal weight” rating to an “overweight” rating and set a $25.00 price objective for the company in a research report on Friday, March 24th. Finally, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research report on Friday.

First Horizon Trading Up 8.7 %

NYSE FHN opened at $10.94 on Monday. First Horizon Co. has a 12-month low of $8.99 and a 12-month high of $24.92. The company has a fifty day simple moving average of $17.88 and a two-hundred day simple moving average of $22.20. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.20. The stock has a market cap of $5.88 billion, a P/E ratio of 6.75, a P/E/G ratio of 1.10 and a beta of 0.88.

First Horizon (NYSE:FHN – Get Rating) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.01). The business had revenue of $863.00 million during the quarter, compared to analyst estimates of $871.36 million. First Horizon had a return on equity of 13.53% and a net margin of 24.76%. First Horizon’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 EPS. On average, analysts forecast that First Horizon Co. will post 1.94 earnings per share for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 5.48%. The ex-dividend date of this dividend is Thursday, June 15th. First Horizon’s dividend payout ratio (DPR) is 37.04%.

First Horizon Profile

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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.