Charles Schwab Investment Management Inc. Sells 51,700 Shares of First Horizon Corporation $FHN

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in First Horizon Corporation by 1.4%, selling 51,700 shares during the 1st quarter, leaving them with approximately 3.53 million shares valued at $68.48 million.
• Analysts have increased their target price for First Horizon, with JPMorgan raising it from $19.50 to $22.50 and Truist Financial adjusting it from $21.00 to $23.00, leading to a consensus rating of "Moderate Buy".
• First Horizon announced a quarterly dividend of $0.15 per share to be paid on October 1st, representing an annualized dividend yield of 2.7%.

Charles Schwab Investment Management Inc. trimmed its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 1.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,526,112 shares of the financial services provider's stock after selling 51,700 shares during the period. Charles Schwab Investment Management Inc. owned 0.69% of First Horizon worth $68,477,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in FHN. Belpointe Asset Management LLC increased its holdings in shares of First Horizon by 3.1% during the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock worth $355,000 after acquiring an additional 535 shares during the last quarter. Signaturefd LLC boosted its position in First Horizon by 4.8% during the first quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock worth $270,000 after purchasing an additional 635 shares during the period. Tidal Investments LLC increased its holdings in shares of First Horizon by 1.2% in the fourth quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock valued at $1,357,000 after purchasing an additional 767 shares during the last quarter. Greenleaf Trust increased its holdings in shares of First Horizon by 3.9% in the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock valued at $406,000 after purchasing an additional 779 shares during the last quarter. Finally, Summit Asset Management LLC raised its position in shares of First Horizon by 4.5% in the first quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock valued at $358,000 after purchasing an additional 788 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total value of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the transaction, the executive vice president directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.04% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on FHN. Barclays upped their price target on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Citigroup lifted their price target on First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. upped their price objective on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Wells Fargo & Company boosted their target price on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Finally, Truist Financial raised their price target on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, First Horizon presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.28.

First Horizon Trading Down 0.3%

NYSE:FHN traded down $0.07 during mid-day trading on Tuesday, hitting $21.91. 1,115,136 shares of the company's stock were exchanged, compared to its average volume of 6,454,286. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.00. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $11.12 billion, a P/E ratio of 14.19, a PEG ratio of 1.04 and a beta of 0.65. The company has a 50 day simple moving average of $21.36 and a 200-day simple moving average of $20.12.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.04. The firm had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the firm earned $0.36 earnings per share. As a group, research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed 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. 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 payout ratio is currently 38.71%.

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.