AQR Capital Management LLC Has $64.87 Million Holdings in First Horizon Corporation $FHN

Key Points

• AQR Capital Management LLC has reduced its stake in First Horizon Corporation by 22.6%, selling 996,232 shares during the first quarter, bringing its ownership to approximately 3.41 million shares valued at $64.87 million.
• Despite recent challenges, First Horizon has announced a quarterly dividend of $0.15 per share, with the ex-dividend date set for September 12th, indicating a yield of 2.7%.
• Analysts maintain a moderate buy consensus on First Horizon, with a consensus price target of $23.34, reflecting a range of analyst ratings from "Strong Buy" to "Sell".

AQR Capital Management LLC lowered its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 22.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,410,462 shares of the financial services provider's stock after selling 996,232 shares during the period. AQR Capital Management LLC owned about 0.67% of First Horizon worth $64,867,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. EP Wealth Advisors LLC grew its position in shares of First Horizon by 48.0% in the first quarter. EP Wealth Advisors LLC now owns 17,395 shares of the financial services provider's stock valued at $338,000 after purchasing an additional 5,644 shares during the last quarter. Maverick Capital Ltd. lifted its position in First Horizon by 117.7% during the 1st quarter. Maverick Capital Ltd. now owns 35,493 shares of the financial services provider's stock worth $689,000 after buying an additional 19,191 shares in the last quarter. Focus Partners Advisor Solutions LLC bought a new position in First Horizon in the 1st quarter valued at $2,683,000. Point72 Europe London LLP raised its holdings in First Horizon by 28.4% during the 1st quarter. Point72 Europe London LLP now owns 585,170 shares of the financial services provider's stock worth $11,364,000 after purchasing an additional 129,413 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in First Horizon by 63.1% in the first quarter. Royal Bank of Canada now owns 1,545,164 shares of the financial services provider's stock valued at $30,007,000 after buying an additional 598,047 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FHN shares. Wells Fargo & Company increased their target price on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price target (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Truist Financial lifted their target price on First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. upped their target price on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, Barclays raised their price target on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, First Horizon has an average rating of "Moderate Buy" and an average price target of $23.34.

First Horizon Trading Up 0.4%

NYSE FHN traded up $0.08 on Thursday, reaching $22.76. The company had a trading volume of 15,029,504 shares, compared to its average volume of 10,260,463. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.07 and a beta of 0.67. 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 fifty-two week low of $14.82 and a fifty-two week high of $23.08. The business has a 50 day moving average of $22.13 and a two-hundred day moving average of $20.22.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating 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 firm had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. During the same quarter in the previous year, the company posted $0.36 EPS. Analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.6%. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

Insider Buying and Selling

In related news, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the transaction, the executive vice president owned 462,581 shares in the company, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock worth $3,322,663 in the last 90 days. Corporate insiders own 0.87% of the company's stock.

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.