First Horizon Corporation $FHN Stake Lowered by LSV Asset Management

Key Points

• LSV Asset Management reduced its First Horizon stake by 4.4% in the fourth quarter, selling 558,156 shares and leaving it with 12.17 million shares worth about $290.9 million.
• Institutional ownership remains high, with other firms such as Invesco, William Blair, and Principal Financial Group increasing their positions; overall, institutions own about 80.28% of First Horizon shares.
• First Horizon recently beat quarterly earnings expectations, reporting EPS of $0.53 versus the $0.49 estimate, and the company also declared a quarterly dividend of $0.17 per share, implying a 2.8% annual yield.

LSV Asset Management cut its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 4.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,169,682 shares of the financial services provider's stock after selling 558,156 shares during the quarter. LSV Asset Management owned approximately 2.47% of First Horizon worth $290,855,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Invesco Ltd. grew its holdings in First Horizon by 8.5% in the 3rd quarter. Invesco Ltd. now owns 7,606,808 shares of the financial services provider's stock worth $171,990,000 after buying an additional 595,869 shares in the last quarter. William Blair Investment Management LLC grew its holdings in First Horizon by 38.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,219,830 shares of the financial services provider's stock worth $118,020,000 after buying an additional 1,456,820 shares in the last quarter. Freestone Grove Partners LP grew its holdings in First Horizon by 25.3% in the 3rd quarter. Freestone Grove Partners LP now owns 4,788,438 shares of the financial services provider's stock worth $108,267,000 after buying an additional 967,219 shares in the last quarter. Principal Financial Group Inc. grew its holdings in First Horizon by 28.4% in the 4th quarter. Principal Financial Group Inc. now owns 3,849,088 shares of the financial services provider's stock worth $91,993,000 after buying an additional 852,109 shares in the last quarter. Finally, Raymond James Financial Inc. grew its holdings in First Horizon by 0.3% in the 3rd quarter. Raymond James Financial Inc. now owns 3,837,799 shares of the financial services provider's stock worth $86,773,000 after buying an additional 10,302 shares in the last quarter. 80.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FHN. DA Davidson reissued a "neutral" rating and issued a $26.00 price objective on shares of First Horizon in a report on Thursday, April 16th. Weiss Ratings raised First Horizon from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods increased 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. decreased their price objective on First Horizon from $28.00 to $26.00 and set a "neutral" rating for the company in a report on Wednesday, April 1st. Finally, Wells Fargo & Company increased their price objective on First Horizon from $23.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, March 30th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $26.45.

First Horizon Stock Performance

Shares of NYSE FHN opened at $24.26 on Friday. The stock has a fifty day moving average price of $23.57 and a two-hundred day moving average price of $23.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $11.51 billion, a P/E ratio of 12.13, a PEG ratio of 0.94 and a beta of 0.62. First Horizon Corporation has a 1 year low of $19.03 and a 1 year high of $26.56.

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

First Horizon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, June 12th. First Horizon's dividend payout ratio (DPR) is presently 34.00%.

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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