Machina Capital S.A.S. Acquires 53,217 Shares of First Horizon Corporation $FHN

Machina Capital S.A.S. increased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 243.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 75,108 shares of the financial services provider’s stock after acquiring an additional 53,217 shares during the quarter. Machina Capital S.A.S.’s holdings in First Horizon were worth $1,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in First Horizon during the second quarter valued at $1,505,239,000. Bank of New York Mellon Corp acquired a new stake in First Horizon during the 2nd quarter worth about $747,445,000. North Reef Capital Management LP grew its position in First Horizon by 25.5% during the 1st quarter. North Reef Capital Management LP now owns 14,453,208 shares of the financial services provider’s stock worth $328,955,000 after purchasing an additional 2,936,368 shares during the period. William Blair Investment Management LLC acquired a new stake in First Horizon during the 2nd quarter worth about $123,283,000. Finally, Bank of America Corp DE purchased a new position in shares of First Horizon during the 2nd quarter valued at about $96,739,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Horizon

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares of the company’s stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.91% of the stock is currently owned by insiders.

First Horizon Trading Down 0.5%

Shares of FHN stock opened at $23.41 on Friday. First Horizon Corporation has a 1-year low of $20.40 and a 1-year high of $26.56. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 0.98 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.97 and a quick ratio of 0.91. The stock has a 50 day simple moving average of $23.52 and a 200-day simple moving average of $24.25.

First Horizon (NYSE:FHN) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $883.00 million for the quarter, compared to analysts’ expectations of $889.18 million. First Horizon had a net margin of 14.35% and a return on equity of 12.24%. During the same quarter last year, the company earned $0.51 EPS. On average, equities research analysts expect that First Horizon Corporation will post 2.14 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, December 11th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, December 11th. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. First Horizon’s dividend payout ratio is currently 48.92%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Citigroup decreased their price objective on First Horizon from $28.50 to $28.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Weiss Ratings downgraded First Horizon from a “buy (b)” rating to a “hold (c+)” rating in a research note on Monday. Evercore reaffirmed a “hold” rating and set a $25.00 target price on shares of First Horizon in a report on Thursday, October 1st. Wells Fargo & Company lifted their price target on First Horizon from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Hovde Group began coverage on First Horizon in a research report on Thursday, September 17th. They set a “market perform” rating and a $25.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.12.

First Horizon Profile

First Horizon Corporation is a regional financial services company headquartered in Memphis, Tennessee, and the parent of First Horizon Bank. Its banking roots date to 1864, when the First National Bank of Memphis was established. Through its banking operations, First Horizon serves consumers, businesses and institutions across the southeastern United States and Texas. Its services include consumer and commercial banking, lending, treasury and payment solutions, and wealth management. The company also provides specialized financial services, including capital markets and fixed-income services, as well as mortgage banking.