Headlands Technologies LLC Sells 18,591 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Headlands Technologies LLC has significantly reduced its stake in First Horizon Corporation by 51.4%, selling 18,591 shares and leaving it with 17,587 shares valued at $342,000.
• Several institutional investors increased their holdings in First Horizon, with Belpointe Asset Management increasing its position by 3.1% to 17,631 shares, amidst a trend of 80.28% of the company's stock being held by such investors.
• First Horizon is set to pay a $0.15 quarterly dividend on October 1st, 2023, representing an annualized dividend of $0.60 and a yield of 2.8%.

Headlands Technologies LLC decreased its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 51.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,587 shares of the financial services provider's stock after selling 18,591 shares during the period. Headlands Technologies LLC's holdings in First Horizon were worth $342,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Byrne Asset Management LLC lifted its position in First Horizon by 115.3% during the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 830 shares during the period. Golden State Wealth Management LLC increased its holdings in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after buying an additional 2,658 shares during the last quarter. Versant Capital Management Inc increased its holdings in First Horizon by 137.5% during the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after buying an additional 1,975 shares during the last quarter. Covestor Ltd increased its holdings 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 during the last quarter. Finally, Mpwm Advisory Solutions LLC bought a new position in shares of First Horizon in the fourth quarter worth approximately $130,000. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Down 0.3%

NYSE FHN traded down $0.08 during trading hours on Thursday, reaching $22.11. The company had a trading volume of 5,062,848 shares, compared to its average volume of 6,454,190. The stock has a 50-day moving average of $21.25 and a 200 day moving average of $20.13. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00. 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 $11.22 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 1.04 and a beta of 0.65.

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

First Horizon Dividend Announcement

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

Insiders Place Their Bets

In related news, COO Tammy Locascio sold 10,285 shares of the company's stock in a transaction on Friday, July 18th. The stock was 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 directly owned 342,051 shares in the company, valued at $7,610,634.75. This represents a 2.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of the company'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 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 disclosure for this sale can be found here. 0.87% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FHN shares. Truist Financial increased their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, July 11th. Bank of America raised their target price on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Raymond James Financial reissued an "outperform" rating and set a $24.00 target price (up previously from $20.00) on shares of First Horizon in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods cut their price objective on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Finally, Wall Street Zen upgraded shares of First Horizon from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Seven equities 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.28.

About First Horizon

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.