Artemis Investment Management LLP Lowers Position in First Horizon Corporation $FHN

Key Points

• Artemis Investment Management reduced its First Horizon stake by 9.1% in the third quarter, selling 653,676 shares while retaining 6.52 million shares valued at approximately $150.2 million. Institutional investors collectively own 80.28% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from 22 analysts and an average price target of $27.07, compared with the reported share price of $23.12.
• First Horizon exceeded quarterly earnings expectations, reporting $0.54 EPS and $887 million in revenue, while maintaining a quarterly dividend of $0.17 per share, equivalent to a 2.9% annualized yield.

Artemis Investment Management LLP reduced its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 9.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,523,146 shares of the financial services provider's stock after selling 653,676 shares during the period. First Horizon makes up about 1.2% of Artemis Investment Management LLP's holdings, making the stock its 21st largest holding. Artemis Investment Management LLP owned 1.38% of First Horizon worth $150,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. QRG Capital Management Inc. bought a new stake in shares of First Horizon during the 2nd quarter valued at $261,000. Sequoia Financial Advisors LLC grew its holdings in First Horizon by 18.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 29,393 shares of the financial services provider's stock valued at $754,000 after buying an additional 4,610 shares in the last quarter. Tidal Investments LLC increased its position in shares of First Horizon by 232.0% during the second quarter. Tidal Investments LLC now owns 128,311 shares of the financial services provider's stock valued at $3,290,000 after buying an additional 89,660 shares during the period. Van Hulzen Asset Management LLC lifted its holdings in shares of First Horizon by 4.7% in the second quarter. Van Hulzen Asset Management LLC now owns 31,360 shares of the financial services provider's stock worth $804,000 after buying an additional 1,400 shares in the last quarter. Finally, Integrated Wealth Concepts LLC boosted its position in shares of First Horizon by 6.9% in the second quarter. Integrated Wealth Concepts LLC now owns 21,396 shares of the financial services provider's stock valued at $549,000 after acquiring an additional 1,385 shares during the period. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Hovde Group began coverage on shares of First Horizon in a report on Thursday, September 17th. They issued a "market perform" rating and a $25.00 price target for the company. Morgan Stanley began coverage on shares of First Horizon in a research report on Tuesday, September 8th. They set an "equal weight" rating and a $30.00 price target for the company. Fundamental Research set a $28.50 price target on shares of First Horizon in a report on Wednesday, July 1st. Finally, Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a research report on Saturday, October 3rd. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, First Horizon currently has an average rating of "Hold" and a consensus target price of $27.07.

First Horizon Price Performance

Shares of NYSE:FHN traded up $0.13 during trading on Thursday, reaching $23.12. The company had a trading volume of 1,512,720 shares, compared to its average volume of 5,323,847. The company has a fifty day moving average of $24.54 and a two-hundred day moving average of $24.50. 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 market capitalization of $10.95 billion, a P/E ratio of 11.04, a price-to-earnings-growth ratio of 0.93 and a beta of 0.61. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The company 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 firm posted $0.45 EPS. Equities research analysts forecast 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 was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, September 11th. First Horizon's dividend payout ratio is presently 32.54%.

Insider Activity

In other news, EVP Elizabeth Ardoin sold 18,313 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares in the company, valued at approximately $8,458,144.80. This represents a 5.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.91% of the company's stock.

First Horizon Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its banking subsidiary, First Horizon Bank, the company provides a range of financial products and services to consumers, businesses, and institutions.

Its main activities include consumer and commercial banking, lending, deposit accounts, treasury and cash-management services, mortgage banking, and investment and wealth-management services. First Horizon also offers capital-markets and investment-banking services through its specialized businesses, serving clients across various industries and market segments.

The company traces its roots to First Tennessee Bank, which was founded in Memphis in 1864.

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