Diamond Hill Capital Management Inc. Sells 161,059 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Diamond Hill Capital Management Inc. reduced its position in First Horizon Corporation by 19.9%, now holding approximately 649,393 shares worth $12,611,000.
• First Horizon reported $0.45 EPS for the last quarter, surpassing analysts' expectations of $0.41, and has a market cap of $11.57 billion.
• The company declared a quarterly dividend of $0.15 per share, reflecting a 2.63% dividend yield, with a payout ratio of 38.71%.

Diamond Hill Capital Management Inc. lessened its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 649,393 shares of the financial services provider's stock after selling 161,059 shares during the period. Diamond Hill Capital Management Inc. owned about 0.13% of First Horizon worth $12,611,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. AE Wealth Management LLC lifted its stake in shares of First Horizon by 2,953.2% in the first quarter. AE Wealth Management LLC now owns 456,936 shares of the financial services provider's stock valued at $8,874,000 after buying an additional 441,970 shares during the period. Summit Asset Management LLC lifted its stake 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 buying an additional 788 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of First Horizon by 25.7% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 427,903 shares of the financial services provider's stock valued at $8,310,000 after buying an additional 87,403 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of First Horizon in the first quarter valued at about $618,000. Finally, Choreo LLC lifted its stake in shares of First Horizon by 2.2% in the first quarter. Choreo LLC now owns 50,236 shares of the financial services provider's stock valued at $983,000 after buying an additional 1,104 shares during the period. Institutional investors own 80.28% of the company's stock.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research firms recently weighed in on FHN. Citigroup increased their target price on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. increased their target price on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Robert W. Baird raised shares of First Horizon from a "neutral" rating to an "outperform" rating and set a $22.00 price target for the company in a research report on Monday, April 7th. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price target (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group started coverage on shares of First Horizon in a research report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target for the company. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.28.

First Horizon Price Performance

Shares of NYSE FHN traded down $0.18 during mid-day trading on Monday, hitting $22.64. 2,449,193 shares of the stock were exchanged, compared to its average volume of 6,117,385. The company has a market cap of $11.48 billion, a P/E ratio of 14.60, a PEG ratio of 1.08 and a beta of 0.61. The stock's fifty day simple moving average is $20.78 and its two-hundred day simple moving average is $20.05. 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 twelve month low of $14.34 and a twelve month high of $23.00.

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

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Friday, June 13th. First Horizon's dividend payout ratio is currently 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.