Amundi Decreases Stock Holdings in First Horizon Corporation $FHN

Key Points

• Amundi reduced its First Horizon stake by 31% in the second quarter, selling 57,829 shares and retaining 128,537 shares valued at approximately $3.3 million. Institutional investors collectively own 80.28% of the company.
• First Horizon reported quarterly earnings of $0.54 per share, exceeding estimates of $0.52, while revenue reached $887 million. The company declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $27.45, compared with its reported opening price of $24.48.

Amundi cut its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 31.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 128,537 shares of the financial services provider's stock after selling 57,829 shares during the quarter. Amundi's holdings in First Horizon were worth $3,296,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Kestra Investment Management LLC grew its stake in shares of First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after buying an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. grew its position in First Horizon by 156.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after acquiring an additional 1,095 shares in the last quarter. Ancora Advisors LLC purchased a new position in First Horizon in the second quarter worth about $42,000. Basecamp Wealth Advisors LLC increased its stake in First Horizon by 56.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 2,073 shares of the financial services provider's stock worth $47,000 after acquiring an additional 746 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its position in First Horizon by 1,348.2% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,874 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of FHN stock opened at $24.48 on Friday. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $25.29 and a two-hundred day simple moving average of $24.43. The stock has a market capitalization of $11.60 billion, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.The firm had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same period in the previous year, the company posted $0.45 earnings per share. On average, analysts predict that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's dividend payout ratio is presently 32.54%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FHN shares. Truist Financial raised their price target on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Wells Fargo & Company started coverage on shares of First Horizon in a report on Monday, August 10th. They issued an "equal weight" rating and a $28.00 target price for the company. UBS Group reiterated a "buy" rating on shares of First Horizon in a report on Thursday, July 16th. JPMorgan Chase & Co. decreased their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First Horizon in a research report on Friday, September 4th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $27.45.

Insider Activity

In related news, EVP Elizabeth Ardoin sold 18,313 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total value of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares of the company's stock, valued at $8,458,144.80. The trade was a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.91% of the company's stock.

About First Horizon

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.