First Horizon Corporation $FHN Shares Sold by Picton Mahoney Asset Management

Key Points

• Picton Mahoney cut its stake in First Horizon by 54.8% in Q3, selling 399,377 shares and leaving 330,064 shares worth about $7.46M; institutional investors now own roughly 80.3% of the stock.
• EVP Anthony J. Restel sold 5,719 shares on January 29 at an average price of $24.35 (a 0.92% reduction in his position); corporate insiders hold about 0.87% of the company.
• Analysts have a consensus rating of Moderate Buy with a $26.66 target; First Horizon beat Q4 EPS estimates ($0.52 vs. $0.46) and raised its quarterly dividend to $0.17 (annualized $0.68, ~2.9% yield).

Picton Mahoney Asset Management lessened its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 54.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 330,064 shares of the financial services provider's stock after selling 399,377 shares during the quarter. Picton Mahoney Asset Management owned 0.07% of First Horizon worth $7,464,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Atlantic Union Bankshares Corp purchased a new stake in First Horizon during the third quarter worth approximately $25,000. Navigoe LLC acquired a new position in shares of First Horizon during the 3rd quarter valued at $25,000. Root Financial Partners LLC purchased a new stake in First Horizon during the 3rd quarter worth $31,000. Kestra Investment Management LLC increased its holdings in First Horizon by 873.1% in the 2nd quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,458 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in First Horizon by 122.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,636 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 900 shares in the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Anthony J. Restel sold 5,719 shares of First Horizon stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $24.35, for a total value of $139,257.65. Following the completion of the transaction, the executive vice president owned 619,132 shares in the company, valued at approximately $15,075,864.20. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FHN has been the topic of a number of recent research reports. Truist Financial set a $27.00 price objective on First Horizon in a research note on Friday, January 9th. National Bank Financial set a $27.00 price target on First Horizon in a research report on Friday, January 16th. Stephens upped their price target on First Horizon from $28.00 to $29.00 and gave the stock an "overweight" rating in a report on Friday, January 16th. Robert W. Baird downgraded shares of First Horizon from a "strong-buy" rating to a "hold" rating in a research report on Thursday, December 11th. Finally, Citigroup boosted their target price on shares of First Horizon from $28.00 to $28.50 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.66.

First Horizon Trading Up 0.3%

NYSE FHN opened at $23.46 on Thursday. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 0.88 and a beta of 0.61. 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 12 month low of $15.19 and a 12 month high of $26.56. The company's fifty day moving average price is $24.54 and its two-hundred day moving average price is $23.08.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Thursday, January 15th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.06. First Horizon had a net margin of 19.67% and a return on equity of 11.21%. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $863.87 million. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. This is a boost from First Horizon's previous quarterly dividend of $0.15. First Horizon's dividend payout ratio (DPR) is 31.91%.

About First Horizon

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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