Amundi Has $4.24 Million Stock Position in First Horizon Corporation $FHN

Key Points

• Amundi cut its First Horizon stake by 63% in the first quarter, selling 317,247 shares and retaining 186,366 shares valued at approximately $4.24 million. Institutional investors collectively own 80.28% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $27.16. Recent target increases generally placed estimates between $26 and $27, while one firm downgraded the stock to “Sell.”
• First Horizon reported quarterly EPS of $0.54, beating estimates by $0.02, and revenue of $887 million. The company also declared a quarterly dividend of $0.17, equivalent to a 2.7% annualized yield.

Amundi reduced its position in First Horizon Corporation (NYSE:FHN - Free Report) by 63.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 186,366 shares of the financial services provider's stock after selling 317,247 shares during the period. Amundi's holdings in First Horizon were worth $4,242,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC increased its position in shares of First Horizon by 873.1% during the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,458 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in First Horizon by 156.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after purchasing an additional 1,095 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in First Horizon by 1,348.2% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock worth $48,000 after purchasing an additional 1,874 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of First Horizon in the fourth quarter worth approximately $51,000. Finally, Triumph Capital Management bought a new position in shares of First Horizon in the third quarter valued at approximately $77,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Analysts Set New Price Targets

FHN has been the topic of several analyst reports. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Truist Financial lifted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. Wells Fargo & Company increased their target price on shares of First Horizon from $25.00 to $26.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Finally, Weiss Ratings raised shares of First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 8th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $27.16.

First Horizon Trading Down 2.5%

Shares of FHN stock opened at $25.50 on Friday. The company has a 50 day moving average of $25.24 and a 200-day moving average of $24.41. 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 12-month low of $19.80 and a 12-month high of $26.56. The firm has a market cap of $12.11 billion, a P/E ratio of 12.20, a PEG ratio of 1.04 and a beta of 0.61.

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

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, September 11th. First Horizon's payout ratio is currently 32.54%.

First Horizon Company 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.

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