First Horizon Corporation $FHN Stock Position Lowered by Highland Capital Management LLC

Key Points

• Highland Capital Management LLC reduced its holdings in First Horizon Corporation by 8.3%, now owning approximately 351,587 shares valued at $7.45 million after selling 31,824 shares in the second quarter.
• First Horizon's latest earnings report showed an EPS of $0.45, beating analysts' estimates of $0.41, although revenue for the quarter fell slightly short of projections.
• The company declared a quarterly dividend of $0.15, translating to an annual yield of 2.7%, with a payout ratio of 38.71% as of the recent dividend declaration.

Highland Capital Management LLC lowered its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 8.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 351,587 shares of the financial services provider's stock after selling 31,824 shares during the quarter. Highland Capital Management LLC owned 0.07% of First Horizon worth $7,454,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Horizon by 53.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,594,944 shares of the financial services provider's stock valued at $244,594,000 after purchasing an additional 4,392,405 shares in the last quarter. Invesco Ltd. lifted its stake in First Horizon by 78.4% during the first quarter. Invesco Ltd. now owns 6,755,510 shares of the financial services provider's stock valued at $131,192,000 after purchasing an additional 2,968,012 shares during the last quarter. Nuveen LLC bought a new stake in First Horizon during the first quarter worth approximately $46,640,000. Sculptor Capital LP grew its position in First Horizon by 59.0% in the first quarter. Sculptor Capital LP now owns 4,867,000 shares of the financial services provider's stock worth $94,517,000 after buying an additional 1,806,000 shares during the last quarter. Finally, Phoenix Financial Ltd. bought a new position in shares of First Horizon in the first quarter valued at $29,395,000. 80.28% of the stock is currently owned by institutional investors.

First Horizon Stock Performance

Shares of FHN opened at $22.58 on Friday. The company has a market capitalization of $11.46 billion, a PE ratio of 14.56, a PEG ratio of 1.05 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The company's 50 day moving average price is $22.31 and its 200 day moving average price is $20.57. First Horizon Corporation has a 52 week low of $15.19 and a 52 week high of $23.26.

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

First Horizon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, September 12th. First Horizon's dividend payout ratio is presently 38.71%.

Insider Transactions at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total transaction of $2,250,000.00. Following the completion of the sale, the executive vice president owned 462,581 shares of the company's stock, valued at $10,408,072.50. This trade represents a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock valued at $3,322,663 over the last ninety days. Company insiders own 0.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FHN shares. Weiss Ratings restated a "hold (c+)" rating on shares of First Horizon in a report on Saturday, September 27th. JPMorgan Chase & Co. lifted their price target on First Horizon from $23.00 to $25.00 and gave the stock a "neutral" rating in a research note on Wednesday. TD Cowen started coverage on shares of First Horizon in a research note on Thursday, September 25th. They set a "hold" rating and a $25.00 price objective for the company. Raymond James Financial reissued an "outperform" rating and issued a $24.00 target price (up from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $24.00 price target (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. One investment 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $24.53.

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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