Dimensional Fund Advisors LP Has $363.83 Million Holdings in First Horizon Corporation $FHN

Key Points

• Dimensional Fund Advisors LP reduced its stake in First Horizon Corporation by 5.7%, selling 1,133,889 shares, which leaves it owning approximately 3.69% of the company.
• COO Tammy Locascio and EVP David T. Popwell both sold shares, indicating a decrease in insider ownership, with Locascio selling 10,285 shares and Popwell selling 38,010 shares.
• First Horizon declared a quarterly dividend of $0.15, with the ex-dividend date on September 12th, reflecting a 2.7% dividend yield based on a $0.60 annualized dividend.

Dimensional Fund Advisors LP decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 5.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 18,735,514 shares of the financial services provider's stock after selling 1,133,889 shares during the period. Dimensional Fund Advisors LP owned 3.69% of First Horizon worth $363,828,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Azimuth Capital Investment Management LLC purchased a new stake in shares of First Horizon in the first quarter valued at $204,000. Boston Partners purchased a new stake in First Horizon in the 1st quarter valued at about $7,679,000. Russell Investments Group Ltd. increased its stake in shares of First Horizon by 66.0% during the 1st quarter. Russell Investments Group Ltd. now owns 269,744 shares of the financial services provider's stock valued at $5,238,000 after acquiring an additional 107,218 shares during the last quarter. Callan Family Office LLC lifted its holdings in shares of First Horizon by 4.9% during the 1st quarter. Callan Family Office LLC now owns 17,599 shares of the financial services provider's stock worth $342,000 after acquiring an additional 818 shares during the period. Finally, HighTower Advisors LLC grew its holdings in First Horizon by 1.0% in the first quarter. HighTower Advisors LLC now owns 60,510 shares of the financial services provider's stock valued at $1,175,000 after purchasing an additional 575 shares during the period. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Price Performance

First Horizon stock traded up $0.1760 during trading hours on Thursday, hitting $21.9960. 3,434,614 shares of the company traded hands, compared to its average volume of 6,493,209. The firm's 50-day simple moving average is $21.43 and its two-hundred day simple moving average is $20.14. The firm has a market cap of $11.17 billion, a P/E ratio of 14.21, a P/E/G ratio of 1.03 and a beta of 0.65. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $832.95 million. During the same quarter last year, the business earned $0.36 earnings per share. As a group, analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio is currently 38.71%.

Insiders Place Their Bets

In other news, COO Tammy Locascio sold 10,285 shares of First Horizon 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David T. Popwell sold 38,010 shares of the business'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 sale, the executive vice president owned 550,011 shares in the company, valued at $12,210,244.20. This represents a 6.46% decrease in their position. The disclosure for this sale can be found here. 0.87% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. JPMorgan Chase & Co. upped their price target on First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Bank of America boosted their price target on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Citigroup boosted their target price on shares of First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Finally, Raymond James Financial restated an "outperform" rating and set a $24.00 target price (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $23.28.

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.