First Horizon Corporation $FHN Shares Sold by AlphaQuest LLC

Key Points

• AlphaQuest LLC reduced its holdings in First Horizon Corporation by 39.3%, selling 24,543 shares, leaving them with 37,890 shares worth approximately $736,000.
• First Horizon recently announced a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 2.7% and a payout ratio of 38.71%.
• Several institutional investors increased their positions in First Horizon, with Millennium Management lifting its holdings by 102.3%, now owning over 21 million shares valued at approximately $428 million.

AlphaQuest LLC cut its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 39.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,890 shares of the financial services provider's stock after selling 24,543 shares during the quarter. AlphaQuest LLC's holdings in First Horizon were worth $736,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Byrne Asset Management LLC boosted its holdings in First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after buying an additional 830 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of First Horizon by 53,160.0% during the 1st 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 during the period. Versant Capital Management Inc boosted its stake in shares of First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of First Horizon in the 1st quarter worth approximately $73,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in shares of First Horizon in the 4th quarter worth approximately $130,000. Hedge funds and other institutional investors own 80.28% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FHN shares. Barclays lifted their price objective on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price target on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Wells Fargo & Company increased their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada restated 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. Finally, Jefferies Financial Group began coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

First Horizon Trading Down 0.4%

Shares of FHN traded down $0.09 on Friday, hitting $22.61. 6,823,757 shares of the stock traded hands, compared to its average volume of 6,718,706. First Horizon Corporation has a 1 year low of $14.82 and a 1 year high of $23.00. The stock's 50 day moving average is $21.80 and its two-hundred day moving average is $20.17. The firm has a market capitalization of $11.48 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.08 and a beta of 0.65. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results 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 return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same quarter in the prior year, the company posted $0.36 EPS. As a group, sell-side analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

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

Insider Activity

In other news, COO Tammy Locascio sold 10,285 shares of the 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 $7,610,634.75. This represents a 2.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president directly owned 462,581 shares in the company, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock valued at $3,322,663 in the last 90 days. 0.87% of the stock is owned by company insiders.

First Horizon Profile

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.