First Horizon Corporation $FHN Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in First Horizon Corporation by 0.8%, now holding approximately 4.93 million shares valued at $95.7 million.
• Several institutional investors, including Pinebridge Investments and Hancock Whitney Corp, have recently either increased their stakes or acquired new positions in First Horizon.
• First Horizon announced a quarterly dividend of $0.15, with a dividend yield of 2.7%, expected to be paid on October 1st to stockholders of record on September 12th.

Northern Trust Corp lowered its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,929,720 shares of the financial services provider's stock after selling 41,231 shares during the quarter. Northern Trust Corp owned about 0.97% of First Horizon worth $95,735,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Marshall Wace LLP acquired a new stake in shares of First Horizon in the 4th quarter worth approximately $1,133,000. Pinebridge Investments L.P. increased its stake in shares of First Horizon by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 151,840 shares of the financial services provider's stock valued at $3,058,000 after acquiring an additional 45,424 shares during the period. Hancock Whitney Corp bought a new stake in First Horizon during the fourth quarter worth approximately $540,000. Boothbay Fund Management LLC lifted its position in First Horizon by 13.9% in the fourth quarter. Boothbay Fund Management LLC now owns 288,077 shares of the financial services provider's stock worth $5,802,000 after purchasing an additional 35,216 shares during the period. Finally, Freestone Grove Partners LP bought a new position in First Horizon during the 4th quarter valued at $75,485,000. Institutional investors own 80.28% of the company's stock.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president directly owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated Friday, July 18th. The stock was 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 directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.87% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FHN. Bank of America boosted their price objective on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Citigroup upped their price target on shares of First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Wells Fargo & Company lifted their price objective on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Stock Performance

Shares of FHN opened at $22.5110 on Friday. The company has a 50-day moving average of $21.54 and a two-hundred day moving average of $20.14. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 1.07 and a beta of 0.65. 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 Corporation has a one year low of $14.82 and a one year high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, equities research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is 38.71%.

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.

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