Bank of New York Mellon Corp Lowers Holdings in First Horizon Corporation $FHN

Bank of New York Mellon Corp decreased its holdings in shares of First Horizon Corporation (NYSE:FHN) by 6.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,445,311 shares of the financial services provider’s stock after selling 2,018,725 shares during the quarter. Bank of New York Mellon Corp owned about 6.16% of First Horizon worth $670,175,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its holdings in shares of First Horizon by 102.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider’s stock worth $33,197,000 after purchasing an additional 865,109 shares during the period. Geneos Wealth Management Inc. raised its holdings in First Horizon by 156.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider’s stock valued at $35,000 after buying an additional 1,095 shares during the period. EverSource Wealth Advisors LLC lifted its position in First Horizon by 88.1% in the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider’s stock valued at $174,000 after buying an additional 3,835 shares during the last quarter. Federated Hermes Inc. lifted its position in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider’s stock valued at $1,147,000 after buying an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC lifted its position in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider’s stock valued at $3,241,000 after buying an additional 26,323 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN stock opened at $25.29 on Friday. 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 Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The stock has a market capitalization of $12.01 billion, a PE ratio of 12.10, a P/E/G ratio of 0.97 and a beta of 0.60. The firm has a 50 day moving average of $24.74 and a two-hundred day moving average of $24.26.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. On average, research analysts predict that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were issued a $0.17 dividend. The ex-dividend date 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 (DPR) is 34.00%.

Analyst Upgrades and Downgrades

FHN has been the subject of a number of recent analyst reports. Zacks Research cut shares of First Horizon from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Autonomous Res lowered shares of First Horizon from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, April 29th. UBS Group reaffirmed a “buy” rating on shares of First Horizon in a research report on Thursday. Wall Street Zen cut shares of First Horizon from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Fundamental Research set a $28.50 target price on shares of First Horizon in a report on Wednesday, July 1st. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, First Horizon presently has a consensus rating of “Hold” and a consensus price target of $27.16.

First Horizon News Summary

Here are the key news stories impacting First Horizon this week:

• Positive Sentiment: First Horizon reported Q2 EPS of $0.54, topping analyst expectations and rising from $0.45 a year ago, while revenue also came in ahead of estimates at $890 million. Article Title
• Positive Sentiment: The company highlighted strong loan growth, higher net interest income, and fee income, which support the view that core banking activity is improving. Article Title
• Positive Sentiment: Investor sentiment was also helped by unusually heavy call-option buying, suggesting some traders are positioning for additional upside. Article Title
• Neutral Sentiment: JPMorgan lowered its price target on FHN to $27.00 from $28.50 but kept a neutral rating, indicating limited immediate upside rather than a bearish call. Article Title
• Negative Sentiment: Some market commentary noted the stock fell after the earnings release because expenses increased and capital ratios weakened, raising concerns about margin and balance-sheet pressure. Article Title
• Negative Sentiment: Analysts also flagged funding-cost and deposit-mix concerns, including greater use of brokered funds, which could pressure net interest margin near term. Article Title

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.