Greenwood Capital Associates LLC Has $3.11 Million Stake in First Horizon Corporation $FHN

Key Points

• Greenwood Capital Associates LLC reduced its stake in First Horizon Corporation by 9.3%, now owning 146,874 shares valued at approximately $3.11 million.
• Several brokerages have altered their ratings on First Horizon, with Wall Street Zen downgrading it to a "sell" and Barclays raising its price target to $26.00.
• First Horizon recently announced a quarterly dividend of $0.15 per share, translating to a 2.7% dividend yield.

Greenwood Capital Associates LLC reduced its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 146,874 shares of the financial services provider's stock after selling 14,992 shares during the period. Greenwood Capital Associates LLC's holdings in First Horizon were worth $3,114,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC boosted its stake in shares of First Horizon by 12.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 37,754 shares of the financial services provider's stock worth $800,000 after buying an additional 4,123 shares during the last quarter. Venture Visionary Partners LLC raised its holdings in First Horizon by 3.5% during the second quarter. Venture Visionary Partners LLC now owns 193,603 shares of the financial services provider's stock worth $4,104,000 after acquiring an additional 6,517 shares in the last quarter. Financial Partners Group LLC boosted its position in First Horizon by 21.0% during the second quarter. Financial Partners Group LLC now owns 118,484 shares of the financial services provider's stock valued at $2,512,000 after purchasing an additional 20,548 shares during the last quarter. Sage Rhino Capital LLC acquired a new position in First Horizon during the second quarter valued at approximately $209,000. Finally, Counterpoint Mutual Funds LLC bought a new position in First Horizon in the second quarter valued at approximately $313,000. 80.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FHN. Wall Street Zen downgraded First Horizon from a "hold" rating to a "sell" rating in a research note on Sunday, September 28th. Barclays raised their price objective 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. TD Cowen started coverage on First Horizon in a research note on Thursday, September 25th. They set a "hold" rating and a $25.00 target price on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 price target (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. upped their price objective on First Horizon from $23.00 to $25.00 and gave the company a "neutral" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, First Horizon has an average rating of "Moderate Buy" and an average target price of $24.53.

Insider Activity

In related news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction 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 transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Tammy Locascio sold 10,285 shares of the company'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 sale, the chief operating officer directly owned 342,051 shares in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 148,295 shares of company stock valued at $3,322,663. Insiders own 0.87% of the company's stock.

First Horizon Stock Performance

Shares of First Horizon stock opened at $22.47 on Friday. The company's 50 day moving average price is $22.31 and its two-hundred day moving average price is $20.53. The firm has a market capitalization of $11.41 billion, a P/E ratio of 14.50, a P/E/G ratio of 1.05 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a fifty-two week low of $14.94 and a fifty-two week high of $23.26.

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

First Horizon Dividend Announcement

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