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

Key Points

• Alyeska Investment Group cut its First Horizon stake by 47.8% in the second quarter, selling 1.36 million shares and retaining 1.48 million shares valued at approximately $38 million. Institutional investors collectively own 80.28% of the company.
• Analyst sentiment is mixed but leans neutral, with a consensus “Hold” rating and an average price target of $27.26, compared with First Horizon’s reported share price of $24.66.
• First Horizon exceeded quarterly expectations, reporting $0.54 in earnings per share versus a $0.52 estimate and $887 million in revenue. The company also declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield.

Alyeska Investment Group L.P. lowered its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 47.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,483,804 shares of the financial services provider's stock after selling 1,359,461 shares during the period. Alyeska Investment Group L.P. owned about 0.31% of First Horizon worth $38,045,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FHN. Goldman Sachs Group Inc. lifted its position in shares of First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock valued at $33,197,000 after acquiring an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. raised its stake 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 valued at $35,000 after purchasing an additional 1,095 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in First Horizon by 88.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock valued at $174,000 after purchasing an additional 3,835 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of First Horizon by 9.1% during the 2nd quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock worth $1,147,000 after purchasing an additional 4,507 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of First Horizon by 20.8% during the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock worth $3,241,000 after buying an additional 26,323 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FHN shares. Evercore set a $27.00 target price on shares of First Horizon in a research report on Monday, July 6th. Raymond James Financial increased their price target on First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Truist Financial raised their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Friday, July 10th. National Bank Financial set a $29.00 price objective on First Horizon in a research report on Thursday, July 16th. Finally, Fundamental Research set a $28.50 target price on First Horizon in a research note on Wednesday, July 1st. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $27.26.

First Horizon Stock Performance

NYSE:FHN opened at $24.66 on Monday. The company has a market cap of $11.68 billion, a P/E ratio of 11.80, a P/E/G ratio of 0.98 and a beta of 0.61. The firm's 50 day moving average is $25.46 and its two-hundred day moving average is $24.45. First Horizon Corporation has a fifty-two week low of $19.80 and a fifty-two week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's payout ratio is 32.54%.

Insider Buying and Selling

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

First Horizon Company Profile

First Horizon Corporation, headquartered in Memphis, Tennessee, is a diversified financial services company providing an array of retail, commercial and wealth management solutions. As the largest bank-based financial services firm in Tennessee, First Horizon operates through a network of branches and digital platforms across the Southeastern United States, offering personal and business banking, mortgage origination and servicing, payment solutions and treasury management services.

Tracing its origins to the First National Bank of Memphis established in 1864, First Horizon has grown through strategic acquisitions and organic expansion to serve customers in Tennessee, Texas, North Carolina, South Carolina, Georgia and Florida.

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