Eventide Asset Management LLC Lowers Stock Holdings in First Horizon Corporation $FHN

Key Points

• Eventide Asset Management LLC significantly reduced its stake in First Horizon Corporation by 98.3%, selling 637,151 shares to hold only 11,073 shares, valued at $213,000.
• Several institutional investors, including Millennium Management and UBS AM, have increased their stakes in First Horizon by more than 100% in recent quarters, reflecting strong interest in the company.
• Wall Street analysts have recently raised their price targets for First Horizon, with Barclays setting a new target of $26.00 and most analysts rating the stock as a "Buy," leading to a consensus rating of "Moderate Buy."

Eventide Asset Management LLC decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 98.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,073 shares of the financial services provider's stock after selling 637,151 shares during the period. Eventide Asset Management LLC's holdings in First Horizon were worth $213,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FHN. Aptus Capital Advisors LLC acquired a new position in First Horizon during the 4th quarter worth about $238,000. Cary Street Partners Financial LLC acquired a new position in First Horizon during the 4th quarter worth about $374,000. Crestline Management LP increased its holdings in First Horizon by 213.7% during the 4th quarter. Crestline Management LP now owns 139,626 shares of the financial services provider's stock worth $2,812,000 after purchasing an additional 95,117 shares during the period. Fiduciary Trust Co acquired a new stake in First Horizon in the 4th quarter valued at about $308,000. Finally, Expect Equity LLC acquired a new stake in First Horizon in the 4th quarter valued at about $3,324,000. Institutional investors and hedge funds own 80.28% of the company's stock.

Insider Activity at First Horizon

In other First Horizon news, 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 transaction, the executive vice president owned 462,581 shares of the company's stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction that occurred on Friday, July 18th. The stock was 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 in the company, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 148,295 shares of company stock worth $3,322,663. 1.04% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FHN shares. Wells Fargo & Company increased their price target on First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Barclays increased their price target on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Jefferies Financial Group started coverage on First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective on the stock. Bank of America raised their target price on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Truist Financial raised their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, First Horizon presently has a consensus rating of "Moderate Buy" and an average target price of $23.34.

First Horizon Stock Performance

FHN traded down $0.25 during trading on Wednesday, hitting $22.56. 5,256,895 shares of the stock were exchanged, compared to its average volume of 6,895,389. The firm has a market capitalization of $11.45 billion, a P/E ratio of 14.55, a PEG ratio of 1.06 and a beta of 0.67. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.05. The stock has a fifty day moving average price of $22.09 and a two-hundred day moving average price of $20.18. 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 released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter in the previous year, the company posted $0.36 earnings per share. As a group, sell-side analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Announces Dividend

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

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.