Engineers Gate Manager LP Sells 1,190,138 Shares of First Horizon Corporation $FHN

Key Points

• Engineers Gate Manager LP cut its First Horizon stake by 75.8%, selling 1,190,138 shares in the second quarter and retaining 379,034 shares valued at approximately $9.7 million.
• Institutional ownership remains high at 80.28%, with BlackRock, Bank of New York Mellon and California State Teachers Retirement System among investors making significant purchases or additions.
• First Horizon beat quarterly earnings expectations, reporting $0.54 EPS and $887 million in revenue. The company declared a $0.17 quarterly dividend, while analysts maintain a consensus “Hold” rating with a $27.45 price target.

Engineers Gate Manager LP cut its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 75.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 379,034 shares of the financial services provider's stock after selling 1,190,138 shares during the period. Engineers Gate Manager LP owned about 0.08% of First Horizon worth $9,718,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FHN. BlackRock Inc. bought a new stake in First Horizon during the 2nd quarter worth $1,505,239,000. Bank of New York Mellon Corp bought a new position in First Horizon in the second quarter valued at about $747,445,000. California State Teachers Retirement System raised its position in First Horizon by 2,273.6% in the second quarter. California State Teachers Retirement System now owns 14,208,714 shares of the financial services provider's stock valued at $364,311,000 after purchasing an additional 13,610,099 shares during the last quarter. Norges Bank acquired a new stake in shares of First Horizon during the fourth quarter valued at about $153,942,000. Finally, William Blair Investment Management LLC acquired a new stake in shares of First Horizon during the second quarter valued at about $123,283,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Price Performance

Shares of FHN opened at $24.76 on Friday. The business has a 50-day moving average of $25.32 and a 200-day moving average of $24.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.97 and a quick ratio of 0.96. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 0.97 and a beta of 0.60. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. The business had revenue of $887.00 million during the quarter, compared to the consensus estimate of $878.42 million. During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, equities research analysts anticipate that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, September 11th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio is 32.54%.

Insiders Place Their Bets

In related news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the completion of the transaction, the executive vice president owned 340,368 shares of the company's stock, valued at $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.91% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FHN. Morgan Stanley initiated coverage on First Horizon in a research note on Tuesday. They issued an "equal weight" rating and a $30.00 price objective for the company. Wall Street Zen downgraded shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Evercore set a $27.00 target price on shares of First Horizon in a report on Monday, July 6th. Weiss Ratings restated a "buy (b)" rating on shares of First Horizon in a research report on Friday, September 4th. Finally, JPMorgan Chase & Co. dropped their price target on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, First Horizon presently has a consensus rating of "Hold" and a consensus price target of $27.45.

About First Horizon

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

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