First Horizon Corporation $FHN Shares Sold by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. reduced its stake in First Horizon Corporation by 6.3%, ending the first quarter with approximately 2.18 million shares valued at $42.28 million.
• First Horizon reported $0.45 earnings per share for the last quarter, exceeding analysts' expectations, along with a revenue of $830.19 million.
• The company announced a quarterly dividend of $0.15, scheduled to be paid on October 1st, reflecting an annualized yield of 2.7%.

Alyeska Investment Group L.P. decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 6.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,177,272 shares of the financial services provider's stock after selling 145,295 shares during the period. Alyeska Investment Group L.P. owned 0.43% of First Horizon worth $42,283,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FHN. Byrne Asset Management LLC raised its position in shares of 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 buying an additional 830 shares during the last quarter. Quarry LP grew its holdings in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of First Horizon by 53,160.0% in 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 purchasing an additional 2,658 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of First Horizon by 137.5% in the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 1,975 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of First Horizon in the first quarter valued at $73,000. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Down 0.0%

Shares of NYSE:FHN traded down $0.01 on Monday, hitting $22.24. 10,297,646 shares of the company's stock were exchanged, compared to its average volume of 6,864,588. First Horizon Corporation has a 12 month low of $14.82 and a 12 month high of $23.00. The stock has a market capitalization of $11.29 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.05 and a beta of 0.67. The business's 50 day simple moving average is $22.04 and its two-hundred day simple moving average is $20.16. 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 (NYSE:FHN - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 company posted $0.36 earnings per share. Analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

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

Insider Buying and Selling

In related news, EVP David T. Popwell sold 100,000 shares of the company's stock in a transaction that occurred on 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 sale, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the company's 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 completion of the sale, the chief operating officer owned 342,051 shares in the company, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,295 shares of company stock worth $3,322,663. 0.87% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FHN. Raymond James Financial reissued an "outperform" rating and issued a $24.00 target price (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. JPMorgan Chase & Co. raised their target price on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Truist Financial lifted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. Finally, Bank of America lifted their price objective on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. One equities research 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, the company has a consensus rating of "Moderate Buy" and an average price target of $23.34.

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.