First Horizon Corporation $FHN Shares Sold by South Dakota Investment Council

Key Points

• South Dakota Investment Council sold 42,907 shares, cutting its stake in First Horizon by 22.4% in Q3 and leaving 148,274 shares valued at about $3.35 million.
• First Horizon beat quarterly estimates (EPS $0.52 vs. $0.46; revenue $888M vs. $863.9M) and raised its quarterly dividend to $0.17 ($0.68 annualized, ~2.9% yield), with the ex-dividend date March 13 and payment April 1.
• Institutional ownership is 80.28%, the stock has a market cap of ~$11.34B and a P/E of 12.48, and analysts' consensus is a "Moderate Buy" with a $26.66 target price.

South Dakota Investment Council cut its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 22.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,274 shares of the financial services provider's stock after selling 42,907 shares during the quarter. South Dakota Investment Council's holdings in First Horizon were worth $3,352,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its position in shares of First Horizon by 102.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,709,434 shares of the financial services provider's stock valued at $33,197,000 after purchasing an additional 865,109 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in First Horizon by 156.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,794 shares of the financial services provider's stock worth $35,000 after buying an additional 1,095 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in First Horizon by 6.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 106,607 shares of the financial services provider's stock valued at $2,260,000 after buying an additional 6,648 shares in the last quarter. Hantz Financial Services Inc. increased its stake in shares of First Horizon by 1,579.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 2,083 shares of the financial services provider's stock worth $44,000 after acquiring an additional 1,959 shares during the last quarter. Finally, Moors & Cabot Inc. raised its holdings in shares of First Horizon by 2.3% during the 2nd quarter. Moors & Cabot Inc. now owns 37,375 shares of the financial services provider's stock worth $792,000 after acquiring an additional 825 shares during the period. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Performance

NYSE FHN opened at $23.46 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. The company has a market cap of $11.34 billion, a P/E ratio of 12.48, a P/E/G ratio of 0.88 and a beta of 0.61. The stock has a 50-day moving average of $24.54 and a two-hundred day moving average of $23.08. First Horizon Corporation has a 1-year low of $15.19 and a 1-year high of $26.56.

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

First Horizon Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. This is a positive change from First Horizon's previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 13th. First Horizon's payout ratio is presently 31.91%.

Insider Buying and Selling at First Horizon

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on FHN shares. DA Davidson raised their price objective on shares of First Horizon from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, January 16th. Robert W. Baird downgraded shares of First Horizon from a "strong-buy" rating to a "hold" rating in a report on Thursday, December 11th. JPMorgan Chase & Co. upped their price objective on First Horizon from $23.00 to $27.00 and gave the company a "neutral" rating in a report on Tuesday, December 16th. National Bank Financial set a $27.00 target price on First Horizon in a research note on Friday, January 16th. Finally, The Goldman Sachs Group set a $27.00 price target on First Horizon and gave the company a "neutral" rating in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $26.66.

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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