First Horizon Corporation (NYSE:FHN) Stock Holdings Lessened by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. significantly reduced its stake in First Horizon Corporation by 95.9%, selling 1,167,322 shares and retaining only 49,618 shares, valued at $964,000.
• Several large investors, including Byrne Asset Management LLC and Golden State Wealth Management LLC, have increased their holdings in First Horizon, with increases of up to 53,160% during the same period.
• First Horizon recently declared a quarterly dividend of $0.15 per share, with an expected yield of 2.8% and a dividend payout ratio of 38.71%.

Federated Hermes Inc. cut its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 95.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,618 shares of the financial services provider's stock after selling 1,167,322 shares during the quarter. Federated Hermes Inc.'s holdings in First Horizon were worth $964,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Byrne Asset Management LLC lifted its holdings in shares of 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 valued at $30,000 after purchasing an additional 830 shares during the last quarter. Golden State Wealth Management LLC increased its stake in First Horizon by 53,160.0% in the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after purchasing an additional 2,658 shares in the last quarter. Versant Capital Management Inc raised its holdings in First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock worth $66,000 after buying an additional 1,975 shares during the period. Covestor Ltd lifted its stake in First Horizon by 82.1% during the fourth quarter. Covestor Ltd now owns 3,878 shares of the financial services provider's stock valued at $78,000 after buying an additional 1,748 shares in the last quarter. Finally, Mpwm Advisory Solutions LLC purchased a new stake in First Horizon during the fourth quarter valued at about $130,000. 80.28% of the stock is owned by institutional investors.

Insider Activity at First Horizon

In other news, EVP David T. Popwell sold 38,010 shares of the business's 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 directly owned 550,011 shares in the company, valued at approximately $12,210,244.20. The trade was a 6.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the firm's 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 transaction, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.87% of the company's stock.

Analysts Set New Price Targets

FHN has been the topic of several analyst reports. Barclays lifted their target price on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Raymond James Financial restated 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. Truist Financial raised their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Finally, Citigroup upped their price target on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, First Horizon currently has a consensus rating of "Moderate Buy" and an average target price of $23.28.

First Horizon Trading Down 1.4%

Shares of NYSE:FHN opened at $21.38 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $10.85 billion, a PE ratio of 13.80, a P/E/G ratio of 1.03 and a beta of 0.65. First Horizon Corporation has a 1 year low of $14.60 and a 1 year high of $23.00. The firm has a fifty day moving average price of $21.09 and a 200 day moving average price of $20.12.

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

First Horizon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is 38.71%.

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.

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