First Horizon Corporation $FHN Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its First Horizon stake by 5.1% in the first quarter, selling 830,517 shares and leaving it with about 15.6 million shares valued at roughly $355 million.
• Several other institutional investors also adjusted positions, and institutional ownership remains high at 80.28% of the stock.
• Analysts are mixed on First Horizon: the stock has a consensus Hold rating with an average price target of $27.16, while the company recently beat quarterly earnings expectations and paid a $0.17 quarterly dividend yielding about 2.7%.

Dimensional Fund Advisors LP trimmed its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 5.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,594,725 shares of the financial services provider's stock after selling 830,517 shares during the quarter. Dimensional Fund Advisors LP owned about 3.27% of First Horizon worth $354,916,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Parallel Advisors LLC grew its position in shares of First Horizon by 29.4% in the first quarter. Parallel Advisors LLC now owns 3,740 shares of the financial services provider's stock valued at $85,000 after purchasing an additional 850 shares in the last quarter. Decker Wealth Management LLC purchased a new position in First Horizon during the first quarter worth approximately $737,000. KBC Group NV lifted its position in First Horizon by 9.8% during the first quarter. KBC Group NV now owns 15,654 shares of the financial services provider's stock worth $356,000 after buying an additional 1,393 shares in the last quarter. California Public Employees Retirement System boosted its stake in First Horizon by 6.9% during the first quarter. California Public Employees Retirement System now owns 1,035,323 shares of the financial services provider's stock worth $23,564,000 after buying an additional 66,496 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in First Horizon by 11.1% during the first quarter. Assetmark Inc. now owns 11,212 shares of the financial services provider's stock worth $255,000 after buying an additional 1,118 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Weiss Ratings raised First Horizon from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 8th. Wells Fargo & Company boosted their price target on shares of First Horizon from $25.00 to $26.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. JPMorgan Chase & Co. dropped their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a report on Thursday, July 16th. Raymond James Financial raised their price objective on shares of First Horizon from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Finally, Truist Financial lifted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $27.16.

First Horizon Stock Performance

Shares of First Horizon stock opened at $25.48 on Wednesday. First Horizon Corporation has a 52 week low of $19.80 and a 52 week high of $26.56. The business's fifty day simple moving average is $24.82 and its 200-day simple moving average is $24.29. The firm has a market cap of $12.09 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.01 and a beta of 0.60. 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 results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $890.00 million during the quarter, compared to analysts' expectations 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 business posted $0.45 EPS. Equities analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were given a $0.17 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. First Horizon's dividend payout ratio is presently 32.54%.

First Horizon 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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