First Horizon Corporation $FHN Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. trimmed its stake in First Horizon by 4.0% in Q4, selling 2,014,420 shares and retaining 48,473,416 shares (about 9.84%) valued at roughly $1.158 billion.
• Analysts are mixed with a consensus rating of "Hold" and an average target price of $26.45, after recent divergent moves including several raised targets and at least one downgrade.
• First Horizon beat quarterly EPS estimates ($0.53 vs. $0.49) while revenue was slightly under expectations, and it announced a quarterly dividend of $0.17 (annualized yield ~2.7%).

Vanguard Group Inc. cut its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 4.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,473,416 shares of the financial services provider's stock after selling 2,014,420 shares during the quarter. Vanguard Group Inc. owned approximately 9.84% of First Horizon worth $1,158,515,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Goldman Sachs Group Inc. increased its holdings in shares of First Horizon by 102.5% during the 1st 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 holdings 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 in the last quarter. EverSource Wealth Advisors LLC grew its position in First Horizon by 88.1% during the second quarter. EverSource Wealth Advisors LLC now owns 8,189 shares of the financial services provider's stock valued at $174,000 after buying an additional 3,835 shares during the period. Federated Hermes Inc. increased its holdings in First Horizon by 9.1% in the second quarter. Federated Hermes Inc. now owns 54,125 shares of the financial services provider's stock valued at $1,147,000 after buying an additional 4,507 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in First Horizon by 20.8% in the second quarter. Cerity Partners LLC now owns 152,878 shares of the financial services provider's stock valued at $3,241,000 after buying an additional 26,323 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Barclays lowered their target price on shares of First Horizon from $30.00 to $29.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Raymond James Financial lifted their price target on First Horizon from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, January 7th. 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. Autonomous Res downgraded First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on First Horizon from $28.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $26.45.

First Horizon Trading Down 0.3%

Shares of FHN opened at $24.89 on Friday. First Horizon Corporation has a 52-week low of $18.43 and a 52-week high of $26.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The firm's fifty day moving average is $23.46 and its two-hundred day moving average is $23.29. The stock has a market cap of $11.89 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 0.97 and a beta of 0.62.

First Horizon (NYSE:FHN - Get Free Report) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.04. The business had revenue of $865.00 million during the quarter, compared to analysts' expectations of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The company's quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 earnings per share. Research analysts forecast that First Horizon Corporation will post 2.16 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.17 dividend. The ex-dividend date is 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 34.00%.

First Horizon Company 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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