First Horizon Corporation $FHN Shares Sold by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its position in First Horizon Corporation by 63.7%, selling 330,364 shares, which left them with 188,626 shares valued at approximately $3.66 million.
• Other institutional investors, such as Millennium Management LLC and UBS AM, significantly increased their stakes in First Horizon, with increases of 102.3% and 496.3% respectively during the fourth quarter.
• Analysts have mixed ratings for First Horizon, with one upgrading the stock to a "Strong Buy" and several others varying from "Buy" to "Sell," leading to an average price target of $23.28.

Hotchkis & Wiley Capital Management LLC lessened its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 63.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,626 shares of the financial services provider's stock after selling 330,364 shares during the period. Hotchkis & Wiley Capital Management LLC's holdings in First Horizon were worth $3,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its holdings in First Horizon by 2.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,020 shares of the financial services provider's stock valued at $1,496,000 after buying an additional 1,481 shares in the last quarter. Cerity Partners LLC increased its stake in shares of First Horizon by 22.0% during the first quarter. Cerity Partners LLC now owns 126,555 shares of the financial services provider's stock worth $2,458,000 after purchasing an additional 22,852 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of First Horizon by 13.3% during the first quarter. Brown Advisory Inc. now owns 69,033 shares of the financial services provider's stock worth $1,341,000 after purchasing an additional 8,110 shares in the last quarter. Cary Street Partners Financial LLC increased its stake in shares of First Horizon by 713.3% during the first quarter. Cary Street Partners Financial LLC now owns 151,053 shares of the financial services provider's stock worth $2,933,000 after purchasing an additional 132,481 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of First Horizon by 286.9% during the first quarter. SG Americas Securities LLC now owns 63,346 shares of the financial services provider's stock worth $1,230,000 after purchasing an additional 46,975 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Bank of America boosted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Citigroup boosted their target price on shares of First Horizon from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Wall Street Zen cut shares of First Horizon from a "hold" rating to a "sell" rating in a research note on Saturday, August 23rd. JPMorgan Chase & Co. upped their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research note on Tuesday, July 1st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, First Horizon presently has a consensus rating of "Moderate Buy" and an average price target of $23.34.

First Horizon Trading Down 0.5%

NYSE:FHN traded down $0.12 on Friday, hitting $22.59. The stock had a trading volume of 9,262,381 shares, compared to its average volume of 9,895,601. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.07 and a beta of 0.67. The company has a fifty day moving average price of $21.85 and a two-hundred day moving average price of $20.14. First Horizon Corporation has a 1-year low of $14.82 and a 1-year high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate 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 previous year, the business posted $0.36 EPS. Equities research analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The company 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. This represents a $0.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, September 12th. First Horizon's payout ratio is presently 38.71%.

Insider Activity

In related news, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred 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 approximately $10,408,072.50. This trade represents a 17.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $22.25, for a total value of $228,841.25. Following the completion of the sale, the chief operating officer directly owned 342,051 shares in the company, valued at approximately $7,610,634.75. The trade was a 2.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,295 shares of company stock worth $3,322,663 over the last quarter. 1.04% of the stock is currently owned by company insiders.

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.