Citigroup Inc. Sells 632,342 Shares of First Horizon Corporation $FHN

Key Points

• Citigroup Inc. reduced its holdings in First Horizon Corporation by 57.4%, owning 469,649 shares after selling 632,342 during the first quarter, which valued their stake at approximately $9.1 million.
• Numerous hedge funds increased their positions in First Horizon, with Byrne Asset Management boosting its holdings by 115.3% and Golden State Wealth Management increasing by 53,160% during the same quarter.
• First Horizon announced a quarterly dividend of $0.15 per share, set to be paid on October 1st, representing an annual dividend yield of 2.7%.

Citigroup Inc. lessened its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 57.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 469,649 shares of the financial services provider's stock after selling 632,342 shares during the period. Citigroup Inc. owned 0.09% of First Horizon worth $9,121,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of FHN. Signaturefd LLC raised its holdings in First Horizon by 4.8% during the 1st 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 last quarter. Tidal Investments LLC grew its stake in shares of First Horizon by 1.2% in the 4th quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock valued at $1,357,000 after buying an additional 767 shares during the period. Greenleaf Trust grew its position in First Horizon by 3.9% in the 1st 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 period. Summit Asset Management LLC boosted its holdings in First Horizon by 4.5% during the 1st quarter. Summit Asset Management LLC now owns 18,455 shares of the financial services provider's stock worth $358,000 after acquiring an additional 788 shares during the last quarter. Finally, Byrne Asset Management LLC increased its position in shares of First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FHN has been the topic of several analyst reports. Bank of America upped their price target on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Jefferies Financial Group began coverage on shares of First Horizon in a research report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price target for the company. Finally, Barclays upped their price target on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, First Horizon presently has an average rating of "Moderate Buy" and a consensus price target of $23.28.

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the company's 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 in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total value of $843,822.00. Following the sale, the executive vice president directly owned 550,011 shares in the company, valued at $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by insiders.

First Horizon Stock Down 0.0%

FHN traded down $0.0050 during trading on Wednesday, hitting $21.7150. 3,815,168 shares of the company's stock traded hands, compared to its average volume of 6,485,839. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.00. The company's 50 day simple moving average is $21.39 and its two-hundred day simple moving average is $20.13. 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 stock has a market capitalization of $11.03 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.04 and a beta of 0.65.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.04. The firm had revenue of $830.19 million for 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 posted $0.36 EPS. Analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.8%. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

First Horizon Profile

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.