First Horizon Corporation $FHN Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC cut its First Horizon stake by 79.6% in the fourth quarter, selling 203,686 shares and leaving it with 52,198 shares valued at about $1.25 million.
• First Horizon reported better-than-expected quarterly earnings of $0.53 per share versus estimates of $0.49, while revenue rose 6.2% year over year to $865 million.
• The company recently paid a quarterly dividend of $0.17 per share, which annualizes to $0.68 and implies a 2.6% yield; analysts currently rate the stock a consensus “Hold” with a $27.12 price target.

Hsbc Holdings PLC reduced its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 79.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,198 shares of the financial services provider's stock after selling 203,686 shares during the quarter. Hsbc Holdings PLC's holdings in First Horizon were worth $1,249,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nalls Sherbakoff Group LLC bought a new position in shares of First Horizon in the fourth quarter valued at $359,000. Corient Private Wealth LLC boosted its stake in shares of First Horizon by 4.5% during the 4th quarter. Corient Private Wealth LLC now owns 126,862 shares of the financial services provider's stock worth $3,032,000 after acquiring an additional 5,511 shares in the last quarter. TMB Capital Partners LLC bought a new stake in shares of First Horizon during the 4th quarter worth $553,000. Invesco Ltd. boosted its stake in shares of First Horizon by 5.6% during the 4th quarter. Invesco Ltd. now owns 8,033,759 shares of the financial services provider's stock worth $192,007,000 after acquiring an additional 426,951 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of First Horizon by 72.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 83,680 shares of the financial services provider's stock worth $2,000,000 after acquiring an additional 35,208 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

First Horizon Trading Up 0.0%

NYSE:FHN opened at $25.75 on Monday. The stock has a market cap of $12.22 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.00 and a beta of 0.60. 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 debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The stock's 50-day moving average is $24.69 and its two-hundred day moving average is $24.23.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.49 by $0.04. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business had revenue of $865.00 million during the quarter, compared to analyst estimates of $869.49 million. During the same period in the prior year, the firm earned $0.42 earnings per share. The firm's revenue was up 6.2% compared to the same quarter last year. As a group, equities research analysts forecast that First Horizon Corporation will post 2.15 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. First Horizon's dividend payout ratio (DPR) is 34.00%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Fundamental Research set a $28.50 target price on First Horizon in a report on Wednesday, July 1st. Zacks Research cut First Horizon from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 20th. Keefe, Bruyette & Woods boosted their price objective on First Horizon from $25.00 to $26.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on First Horizon from $26.00 to $28.50 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Finally, Truist Financial upped their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Friday. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $27.12.

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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