Healthcare of Ontario Pension Plan Trust Fund Takes $27.31 Million Position in First Horizon Corporation $FHN

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in First Horizon Corporation (NYSE:FHN) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,200,000 shares of the financial services provider’s stock, valued at approximately $27,312,000. Healthcare of Ontario Pension Plan Trust Fund owned 0.25% of First Horizon at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in First Horizon by 158.0% during the 1st quarter. Renaissance Technologies LLC now owns 540,211 shares of the financial services provider’s stock valued at $12,295,000 after acquiring an additional 330,800 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in First Horizon by 187.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 317,813 shares of the financial services provider’s stock worth $7,233,000 after purchasing an additional 207,395 shares during the period. Caxton Associates LLP increased its stake in First Horizon by 108.8% in the 1st quarter. Caxton Associates LLP now owns 75,952 shares of the financial services provider’s stock worth $1,729,000 after purchasing an additional 39,568 shares during the period. Sei Investments Co. lifted its position in First Horizon by 34.0% in the first quarter. Sei Investments Co. now owns 661,421 shares of the financial services provider’s stock valued at $15,054,000 after purchasing an additional 167,683 shares during the last quarter. Finally, State of Wyoming bought a new stake in First Horizon in the first quarter valued at approximately $201,000. Institutional investors own 80.28% of the company’s stock.

First Horizon Price Performance

FHN opened at $25.51 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.97. 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 $12.11 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. The stock’s 50 day moving average price is $24.94 and its 200-day moving average price is $24.32.

First Horizon (NYSE:FHN) last announced its earnings results 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 return on equity of 12.06% and a net margin of 21.12%.The company had revenue of $890.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, equities research analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st. Truist Financial lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Barclays lowered their price target on shares of First Horizon from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Evercore set a $27.00 price target on shares of First Horizon in a research report on Monday, July 6th. Finally, Wall Street Zen lowered shares of First Horizon from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, First Horizon currently has an average rating of “Hold” and a consensus price target of $27.16.

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.