Greenwood Capital Associates LLC Has $1.45 Million Holdings in First Horizon Corporation $FHN

Key Points

• Greenwood Capital Associates cut its First Horizon stake by 48.5% in the first quarter, leaving it with 63,490 shares valued at about $1.45 million.
• Institutional ownership remains heavy: hedge funds and other institutional investors hold about 80.28% of First Horizon shares, with several firms making large purchases or expanding positions.
• Analysts are broadly cautious, with the stock carrying a Hold consensus and a consensus price target of $27.12; First Horizon also recently reported better-than-expected earnings and paid a $0.17 quarterly dividend, yielding about 2.6%.

Greenwood Capital Associates LLC reduced its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 48.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 63,490 shares of the financial services provider's stock after selling 59,903 shares during the quarter. Greenwood Capital Associates LLC's holdings in First Horizon were worth $1,445,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FHN. Norges Bank bought a new stake in shares of First Horizon in the 4th quarter valued at approximately $153,942,000. Artemis Investment Management LLP bought a new stake in First Horizon during the 4th quarter valued at approximately $90,319,000. Cullen Capital Management LLC grew its stake in shares of First Horizon by 3,401.0% in the fourth quarter. Cullen Capital Management LLC now owns 2,030,457 shares of the financial services provider's stock worth $48,528,000 after acquiring an additional 1,972,461 shares during the last quarter. HRT Financial LP acquired a new stake in First Horizon in the 4th quarter worth $42,600,000. Finally, Qube Research & Technologies Ltd grew its position in First Horizon by 419.7% during the third quarter. Qube Research & Technologies Ltd now owns 1,989,925 shares of the financial services provider's stock worth $44,992,000 after buying an additional 1,607,028 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. UBS Group downgraded shares of First Horizon from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $29.00 to $25.00 in a research note on Tuesday, April 7th. DA Davidson restated a "neutral" rating and set a $26.00 price target on shares of First Horizon in a research report on Thursday, April 16th. Evercore set a $27.00 price objective on shares of First Horizon in a research report on Monday. JPMorgan Chase & Co. lifted their target price on First Horizon from $26.00 to $28.50 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Finally, Autonomous Res cut shares of First Horizon from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $27.12.

First Horizon Stock Up 1.8%

Shares of First Horizon stock opened at $25.69 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $12.19 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 0.98 and a beta of 0.60. The business has a 50-day moving average of $24.66 and a two-hundred day moving average of $24.22. First Horizon Corporation has a 1 year low of $19.80 and a 1 year high of $26.56.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.04. The firm had revenue of $865.00 million for the quarter, compared to analyst estimates of $869.49 million. First Horizon had a net margin of 20.54% and a return on equity of 11.65%. The business's revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 earnings per share. As a group, equities analysts predict that First Horizon Corporation will post 2.15 EPS for the current year.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 12th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, June 12th. First Horizon's dividend payout ratio (DPR) is currently 34.00%.

First Horizon Company 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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