DMC Group LLC Sells 18,707 Shares of First Horizon Corporation $FHN

Key Points

• DMC Group LLC reduced its stake in First Horizon Corporation by 56.1%, selling 18,707 shares and leaving it with 14,617 shares valued at approximately $310,000.
• Insider selling activity included COO Tammy Locascio and EVP David T. Popwell, with total shares sold amounting to 148,295 shares worth over $3 million in the last 90 days.
• First Horizon Corp recently announced a quarterly dividend of $0.15 per share, resulting in a yield of 2.6%, with a current consensus price target among analysts of $24.59.

DMC Group LLC cut its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 56.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,617 shares of the financial services provider's stock after selling 18,707 shares during the period. DMC Group LLC's holdings in First Horizon were worth $310,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Byrne Asset Management LLC increased its position in 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. Geneos Wealth Management Inc. raised its position 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 during the period. Compass Financial Services Inc purchased a new stake in First Horizon in the 1st quarter worth about $38,000. Quarry LP grew its stake in shares of First Horizon by 129.2% during the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after buying an additional 1,243 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its stake in shares of First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,658 shares during the last quarter. 80.28% of the stock is owned by institutional investors.

Insider Activity at First Horizon

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was 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 approximately $7,610,634.75. This trade 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 the SEC website. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares of the company's stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 148,295 shares of company stock valued at $3,322,663. 1.04% of the stock is owned by insiders.

First Horizon Stock Down 0.2%

Shares of First Horizon stock opened at $23.01 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a 1 year low of $15.19 and a 1 year high of $23.47. The firm's 50-day moving average is $22.33 and its two-hundred day moving average is $20.62. The stock has a market cap of $11.68 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 1.08 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings data 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. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The company had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter last year, the company earned $0.36 earnings per share. As a group, research analysts expect 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 was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, September 12th. First Horizon's dividend payout ratio (DPR) is 38.71%.

Wall Street Analyst Weigh In

FHN has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of First Horizon in a research report on Saturday, September 27th. Raymond James Financial set a $25.00 price target on shares of First Horizon and gave the stock an "outperform" rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price target on shares of First Horizon from $23.00 to $25.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 1st. Citigroup upped their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Finally, Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Sunday, September 28th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and a consensus price target of $24.59.

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.

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