First Horizon Corporation $FHN Shares Sold by Azora Capital LP

Key Points

• Azora Capital LP has significantly reduced its stake in First Horizon Corporation by 95.1%, selling over 4.5 million shares, leaving it with just 232,944 shares worth around $4.5 million.
• Several institutional investors, including Byrne Asset Management and Golden State Wealth Management, have increased their holdings in First Horizon by substantial percentages during the same quarter, highlighting ongoing interest in the stock.
• Analysts have raised their target prices for First Horizon, with estimates ranging from $23.00 to $26.00, reflecting a generally positive outlook as evidenced by the stock's consensus rating of "Moderate Buy."

Azora Capital LP lowered its position in First Horizon Corporation (NYSE:FHN - Free Report) by 95.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 232,944 shares of the financial services provider's stock after selling 4,555,055 shares during the period. Azora Capital LP's holdings in First Horizon were worth $4,524,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of FHN. Northern Trust Corp boosted its position in First Horizon by 29.5% in the fourth quarter. Northern Trust Corp now owns 4,970,951 shares of the financial services provider's stock valued at $100,115,000 after buying an additional 1,130,991 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in First Horizon by 1,247.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 312,737 shares of the financial services provider's stock worth $6,299,000 after purchasing an additional 289,536 shares in the last quarter. Ategra Capital Management LLC boosted its position in First Horizon by 1.6% in the 4th quarter. Ategra Capital Management LLC now owns 628,637 shares of the financial services provider's stock worth $12,661,000 after purchasing an additional 10,000 shares in the last quarter. Aptus Capital Advisors LLC purchased a new stake in First Horizon in the 4th quarter worth approximately $238,000. Finally, Alyeska Investment Group L.P. boosted its position in First Horizon by 65.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,322,567 shares of the financial services provider's stock worth $46,776,000 after purchasing an additional 916,752 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Ratings Changes

FHN has been the subject of several research analyst reports. Citigroup upped their target price on First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Truist Financial upped their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Jefferies Financial Group initiated coverage on First Horizon in a research note on Wednesday, May 21st. They set a "buy" rating and a $25.00 target price for the company. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price objective (up from $20.00) on shares of First Horizon in a research note on Tuesday, July 8th. Finally, Barclays raised their target price on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, First Horizon currently has an average rating of "Moderate Buy" and a consensus target price of $23.34.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of the business'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 transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the business's 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 sale, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 148,295 shares of company stock valued at $3,322,663. 1.04% of the stock is owned by company insiders.

First Horizon Stock Up 0.5%

FHN stock traded up $0.12 during mid-day trading on Thursday, reaching $22.62. The company had a trading volume of 3,577,929 shares, compared to its average volume of 6,768,246. 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 company has a market capitalization of $11.48 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. The firm has a fifty day simple moving average of $21.98 and a 200 day simple moving average of $20.17. First Horizon Corporation has a fifty-two week low of $14.82 and a fifty-two week high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The business 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 last year, the company earned $0.36 EPS. Analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 annualized dividend and a yield of 2.7%. First Horizon's payout ratio is presently 38.71%.

First Horizon 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.