Corebridge Financial Inc. Sells 21,125 Shares of First Horizon Corporation $FHN

Key Points

• Corebridge Financial Inc. reduced its stake in First Horizon Corporation by 3.5%, selling 21,125 shares during the first quarter, leaving it with 578,759 shares worth approximately $11.24 million.
• First Horizon reported $0.45 earnings per share for the last quarter, exceeding expectations of $0.41, alongside revenue of $830.19 million.
• The company announced a quarterly dividend of $0.15 per share, payable on October 1st, which reflects an annualized dividend yield of 2.6%.

Corebridge Financial Inc. reduced its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 578,759 shares of the financial services provider's stock after selling 21,125 shares during the quarter. Corebridge Financial Inc. owned 0.11% of First Horizon worth $11,240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Millennium Management LLC raised its position in shares of First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock valued at $428,686,000 after buying an additional 10,763,349 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in First Horizon by 496.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after acquiring an additional 6,827,040 shares during the period. Invesco Ltd. increased its stake in First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock valued at $131,192,000 after acquiring an additional 2,968,012 shares during the period. Northern Trust Corp raised its holdings in First Horizon by 29.5% in the 4th quarter. Northern Trust Corp now owns 4,970,951 shares of the financial services provider's stock valued at $100,115,000 after acquiring an additional 1,130,991 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in shares of First Horizon in the 4th quarter worth approximately $75,485,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Stock Up 0.9%

Shares of NYSE:FHN opened at $22.71 on Wednesday. The company's fifty day moving average is $21.67 and its 200-day moving average is $20.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.00. The company has a market capitalization of $11.53 billion, a PE ratio of 14.65, a P/E/G ratio of 1.07 and a beta of 0.65.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter last year, the company posted $0.36 EPS. Equities research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon's payout ratio is 38.71%.

Insider Buying and Selling

In related news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the completion of the transaction, the executive vice president owned 462,581 shares of the company's stock, 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 148,295 shares of company stock valued at $3,322,663 in the last quarter. 1.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FHN. Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday. Bank of America lifted their price target on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Raymond James Financial restated an "outperform" rating and issued 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 reaffirmed an "outperform" rating and set a $24.00 price objective (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Truist Financial upped their target price on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Company 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.

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