Swiss National Bank Cuts Stake in First Horizon Corporation (NYSE:FHN)

Key Points

• Swiss National Bank reduced its holdings in First Horizon Corporation by 2.6%, owning approximately 1,027,100 shares worth $19.95 million after selling 26,900 shares in the first quarter.
• Multiple analysts have updated their price targets for First Horizon, with projections ranging from $22.00 to $25.00, indicating a consensus rating of "Moderate Buy" and an average target price of $23.28.
• First Horizon also announced a quarterly dividend of $0.15 per share, representing a yield of 2.7%, to be paid on October 1st to shareholders on record as of September 12th.

Swiss National Bank decreased its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,027,100 shares of the financial services provider's stock after selling 26,900 shares during the quarter. Swiss National Bank owned 0.20% of First Horizon worth $19,946,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Byrne Asset Management LLC lifted its position in First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares during the period. Golden State Wealth Management LLC lifted its holdings in shares of First Horizon by 53,160.0% in the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,658 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of First Horizon by 137.5% in the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after acquiring an additional 1,975 shares during the last quarter. Mpwm Advisory Solutions LLC bought a new position in shares of First Horizon in the fourth quarter worth about $130,000. Finally, UMB Bank n.a. lifted its holdings in shares of First Horizon by 143.5% in the first quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock worth $130,000 after acquiring an additional 3,958 shares during the last quarter. Institutional investors own 80.28% of the company's stock.

Insider Activity at First Horizon

In related news, EVP David T. Popwell sold 38,010 shares of First Horizon stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the sale, the executive vice president owned 550,011 shares of the company's stock, valued at approximately $12,210,244.20. This trade represents a 6.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction 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 completion of the sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

First Horizon Trading Down 1.9%

NYSE:FHN traded down $0.43 on Friday, reaching $21.85. 7,011,407 shares of the stock traded hands, compared to its average volume of 10,116,040. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 1.04 and a beta of 0.65. The company's 50 day moving average is $21.33 and its 200-day moving average is $20.13. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same quarter last year, the firm posted $0.36 EPS. Equities research analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio (DPR) is 38.71%.

Analyst Ratings Changes

A number of research firms have recently commented on FHN. Bank of America increased their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Raymond James Financial reissued an "outperform" rating and issued a $24.00 target price (up previously from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a report on Monday, June 9th. Citigroup increased their target price on shares of First Horizon from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group began coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Company Profile

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.