Expect Equity LLC Has $2.79 Million Stake in First Horizon Corporation $FHN

Key Points

• Expect Equity LLC has reduced its stake in First Horizon Corporation by 13.0%, owning 143,586 shares after selling 21,439 shares in the first quarter.
• Multiple institutional investors, including Cary Street Partners Financial LLC and SG Americas Securities LLC, have significantly increased their holdings in First Horizon, with increases of 713.3% and 286.9%, respectively.
• Equities analysts have set new price targets for First Horizon, with Jefferies and Barclays raising their price objectives to $25.00 and $26.00, respectively, while the average target price stands at $23.34.

Expect Equity LLC lowered its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 13.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 143,586 shares of the financial services provider's stock after selling 21,439 shares during the quarter. First Horizon makes up approximately 3.1% of Expect Equity LLC's holdings, making the stock its 4th largest position. Expect Equity LLC's holdings in First Horizon were worth $2,788,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FHN. Vident Advisory LLC boosted its position in First Horizon by 142.5% during the 1st quarter. Vident Advisory LLC now owns 66,222 shares of the financial services provider's stock worth $1,286,000 after acquiring an additional 38,916 shares during the period. Wealth Preservation Advisors LLC acquired a new position in First Horizon during the 1st quarter worth $983,000. B. Metzler seel. Sohn & Co. AG boosted its position in First Horizon by 17.1% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 40,189 shares of the financial services provider's stock worth $780,000 after acquiring an additional 5,862 shares during the period. CreativeOne Wealth LLC boosted its position in First Horizon by 50.8% during the 1st quarter. CreativeOne Wealth LLC now owns 17,261 shares of the financial services provider's stock worth $335,000 after acquiring an additional 5,812 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in First Horizon during the 1st quarter worth $4,469,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Down 0.6%

NYSE:FHN traded down $0.13 during trading hours on Wednesday, hitting $22.27. 4,720,065 shares of the company's stock traded hands, compared to its average volume of 6,752,128. The firm has a market cap of $11.31 billion, a P/E ratio of 14.38, a P/E/G ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The stock's fifty day moving average price is $21.94 and its two-hundred day moving average price is $20.16.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.04. The firm 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 period in the previous year, the firm earned $0.36 earnings per share. On average, 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 will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio is presently 38.71%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen lowered First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. Royal Bank Of Canada restated an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Raymond James Financial restated an "outperform" rating and issued a $24.00 price objective (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Bank of America upped their price objective on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Finally, Citigroup upped their price objective on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, First Horizon currently has an average rating of "Moderate Buy" and an average target price of $23.34.

Insider Activity

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. This represents a 17.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the company'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 transaction, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,295 shares of company stock worth $3,322,663. Insiders own 1.04% of the company's stock.

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.