Hsbc Holdings PLC Boosts Holdings in First Horizon Corporation $FHN

Hsbc Holdings PLC raised its position in shares of First Horizon Corporation (NYSE:FHN) by 285.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 201,330 shares of the financial services provider’s stock after acquiring an additional 149,132 shares during the period. Hsbc Holdings PLC’s holdings in First Horizon were worth $4,586,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. William Blair Investment Management LLC grew its holdings in First Horizon by 2.2% during the 4th quarter. William Blair Investment Management LLC now owns 5,336,021 shares of the financial services provider’s stock valued at $127,531,000 after purchasing an additional 116,191 shares during the last quarter. Andrew Hill Investment Advisors Inc. bought a new stake in First Horizon in the fourth quarter worth about $7,059,000. Tectonic Advisors LLC purchased a new position in shares of First Horizon during the fourth quarter valued at approximately $4,423,000. Qsemble Capital Management LP boosted its position in shares of First Horizon by 303.3% during the fourth quarter. Qsemble Capital Management LP now owns 451,446 shares of the financial services provider’s stock valued at $10,790,000 after buying an additional 339,508 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of First Horizon during the fourth quarter valued at approximately $10,127,000. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Trading Down 0.1%

Shares of NYSE FHN opened at $25.51 on Friday. The business has a fifty day moving average price of $24.94 and a 200 day moving average price of $24.32. First Horizon Corporation has a 1-year low of $19.80 and a 1-year high of $26.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market capitalization of $12.11 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60.

First Horizon (NYSE:FHN) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the previous year, the company posted $0.45 earnings per share. Equities research analysts expect that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. First Horizon’s dividend payout ratio is presently 32.54%.

Wall Street Analyst Weigh In

FHN has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their price target on First Horizon from $28.50 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Barclays dropped their price objective on First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research report on Thursday, July 16th. DA Davidson reiterated a “neutral” rating and issued a $26.00 target price on shares of First Horizon in a research note on Thursday, April 16th. Finally, Autonomous Res downgraded First Horizon from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, April 29th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, First Horizon currently has an average rating of “Hold” and an average target price of $27.16.

About First Horizon

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.