First Trust Advisors LP Has $16.25 Million Stock Holdings in First Horizon Corporation $FHN

Key Points

• First Trust Advisors reduced its First Horizon stake by 26.1% in the first quarter, selling 252,438 shares and retaining 714,213 shares worth approximately $16.25 million. Institutional investors collectively own 80.28% of FHN.
• Analysts maintain a broadly neutral outlook, with nine Buy ratings, ten Hold ratings and one Sell rating; the consensus price target is $27.16.
• First Horizon exceeded quarterly expectations with $0.54 in earnings per share versus the $0.52 estimate and $890 million in revenue. The company also declared a quarterly dividend of $0.17 per share, representing a 2.6% annualized yield.

First Trust Advisors LP lowered its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 26.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 714,213 shares of the financial services provider's stock after selling 252,438 shares during the quarter. First Trust Advisors LP owned about 0.15% of First Horizon worth $16,255,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kestra Investment Management LLC lifted its stake in First Horizon by 873.1% in the second quarter. Kestra Investment Management LLC now owns 1,625 shares of the financial services provider's stock valued at $34,000 after buying an additional 1,458 shares during the period. Geneos Wealth Management Inc. grew its position in shares of First Horizon by 156.7% during the 1st 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 during the period. Cary Street Partners Investment Advisory LLC increased its stake in shares of First Horizon by 1,348.2% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,013 shares of the financial services provider's stock valued at $48,000 after acquiring an additional 1,874 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of First Horizon in the 4th quarter valued at about $51,000. Finally, Triumph Capital Management acquired a new stake in shares of First Horizon in the 3rd quarter valued at approximately $77,000. 80.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on FHN. Truist Financial upped their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "hold" rating in a research note on Friday, July 10th. JPMorgan Chase & Co. lowered their price objective on shares of First Horizon from $28.50 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, July 16th. National Bank Financial set a $29.00 target price on First Horizon in a report on Thursday, July 16th. Autonomous Res downgraded First Horizon from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, April 29th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $27.16.

First Horizon Trading Down 0.9%

Shares of NYSE:FHN opened at $25.77 on Thursday. The firm has a market cap of $12.23 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.03 and a beta of 0.60. First Horizon Corporation has a 12 month low of $19.80 and a 12 month high of $26.56. The company's fifty day simple moving average is $25.05 and its 200 day simple moving average is $24.35. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15.

First Horizon (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The firm had revenue of $890.00 million during the quarter, compared to analyst estimates of $878.42 million. First Horizon had a net margin of 21.12% and a return on equity of 12.06%. During the same period in the prior year, the business earned $0.45 EPS. As a group, research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, September 11th. First Horizon's dividend payout ratio is currently 32.54%.

About First Horizon

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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