Susquehanna Fundamental Investments LLC Grows Holdings in First Horizon Corporation $FHN

Susquehanna Fundamental Investments LLC increased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 996.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 782,972 shares of the financial services provider’s stock after purchasing an additional 711,556 shares during the period. Susquehanna Fundamental Investments LLC’s holdings in First Horizon were worth $20,075,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FHN. Benjamin Edwards Inc. increased its stake in First Horizon by 41.1% in the second quarter. Benjamin Edwards Inc. now owns 48,370 shares of the financial services provider’s stock valued at $1,240,000 after purchasing an additional 14,083 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Horizon by 8.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 86,613 shares of the financial services provider’s stock worth $2,221,000 after buying an additional 6,611 shares during the period. Wedbush Securities Inc. acquired a new stake in shares of First Horizon during the second quarter worth about $211,000. Wellington Management Group LLP grew its holdings in shares of First Horizon by 0.7% during the second quarter. Wellington Management Group LLP now owns 279,358 shares of the financial services provider’s stock worth $7,163,000 after buying an additional 1,952 shares during the last quarter. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of First Horizon during the second quarter worth about $848,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

First Horizon Trading Up 0.0%

Shares of First Horizon stock opened at $24.66 on Monday. The firm has a market cap of $11.68 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61. First Horizon Corporation has a 52-week low of $19.80 and a 52-week high of $26.56. The company’s 50-day simple moving average is $25.46 and its 200-day simple moving average is $24.45. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN) last announced 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. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter last year, the firm earned $0.45 earnings per share. As a group, equities research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon’s dividend payout ratio is currently 32.54%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FHN. UBS Group restated a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. Weiss Ratings upgraded First Horizon from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 8th. National Bank Financial set a $29.00 target price on First Horizon in a report on Thursday, July 16th. Wall Street Zen cut First Horizon from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, JPMorgan Chase & Co. decreased their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $27.26.

Insider Transactions at First Horizon

In other First Horizon news, EVP Elizabeth A. Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.91% of the company’s stock.

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.