First Horizon Corporation $FHN Position Decreased by Algert Global LLC

Key Points

• Algert Global LLC reduced its stake in First Horizon Corporation by 4.0%, selling 31,620 shares, leaving it with 764,856 shares, which represents about 0.15% of First Horizon's total value at $14.85 million.
• Significant institutional investment changes were noted, including Cary Street Partners Financial LLC increasing its holdings by 713.3%, while other firms like Cambridge Investment Research and Cerity Partners also boosted their positions in the financial services provider.
• Analysts have raised price targets for First Horizon, with Bank of America now setting a target of $27.00, reflecting positive sentiment as the stock continues to earn an overall rating of "Moderate Buy" from investment analysts.

Algert Global LLC cut its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 4.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 764,856 shares of the financial services provider's stock after selling 31,620 shares during the period. First Horizon accounts for 0.4% of Algert Global LLC's portfolio, making the stock its 25th largest position. Algert Global LLC owned approximately 0.15% of First Horizon worth $14,854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC raised its holdings in First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 2,658 shares in the last quarter. Versant Capital Management Inc raised its holdings in First Horizon by 137.5% in the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,975 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in First Horizon in the fourth quarter valued at $130,000. Finally, UMB Bank n.a. raised its holdings in First Horizon by 143.5% in the first quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock valued at $130,000 after acquiring an additional 3,958 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Bank of America increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Truist Financial increased their target price on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Wall Street Zen raised shares of First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, Raymond James Financial reissued an "outperform" rating and set a $24.00 target price (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Stock Performance

Shares of FHN stock traded up $0.6450 during trading hours on Friday, reaching $22.6050. The stock had a trading volume of 6,705,515 shares, compared to its average volume of 6,540,628. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00. The firm has a 50-day simple moving average of $21.47 and a 200-day simple moving average of $20.15. The firm has a market capitalization of $11.48 billion, a PE ratio of 14.59, a price-to-earnings-growth ratio of 1.03 and a beta of 0.65.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million for the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the company earned $0.36 EPS. As a group, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.7%. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 38,010 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.