Clearbridge Investments LLC Sells 108,206 Shares of First Horizon Corporation $FHN

Key Points

• Clearbridge Investments trimmed its First Horizon stake by 2.0% in Q4, selling 108,206 shares and leaving it with 5.2 million shares valued at about $124.3 million.
• Institutional ownership remains high, with hedge funds and other investors holding 80.28% of First Horizon’s stock, while several firms recently increased their positions.
• Analysts currently have a mixed view on FHN: the stock carries an average Hold rating with a $26.45 price target, while the company recently reported earnings that beat EPS estimates and also announced a quarterly dividend of $0.17 per share.

Clearbridge Investments LLC decreased its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 2.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 5,200,621 shares of the financial services provider's stock after selling 108,206 shares during the period. Clearbridge Investments LLC owned 1.06% of First Horizon worth $124,295,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of FHN. Goldman Sachs Group Inc. raised its stake in First Horizon by 102.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock worth $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in First Horizon by 156.7% in 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. EverSource Wealth Advisors LLC raised its stake in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock worth $174,000 after purchasing an additional 3,835 shares in the last quarter. Federated Hermes Inc. raised its stake in First Horizon by 9.1% in the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after purchasing an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC raised its stake in First Horizon by 20.8% in the 2nd quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after purchasing an additional 26,323 shares in the last quarter. Institutional investors own 80.28% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on FHN shares. Weiss Ratings upgraded shares of First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods lifted their price objective 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. DA Davidson reiterated a "neutral" rating and issued a $26.00 price objective on shares of First Horizon in a research note on Thursday, April 16th. Autonomous Res cut shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen upgraded shares of First Horizon from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, First Horizon presently has an average rating of "Hold" and an average price target of $26.45.

First Horizon Price Performance

Shares of NYSE:FHN opened at $24.19 on Monday. The firm has a 50 day moving average of $23.98 and a 200-day moving average of $23.81. The stock has a market capitalization of $11.48 billion, a PE ratio of 12.09, a PEG ratio of 0.94 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 12 month low of $19.03 and a 12 month high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $865.00 million during the quarter, compared to analysts' expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 EPS. On average, equities research analysts predict that First Horizon Corporation will post 2.16 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a $0.17 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. First Horizon's payout ratio is presently 34.00%.

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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