Hsbc Holdings PLC Cuts Stock Position in First Horizon Corporation $FHN

Key Points

• HSBC Holdings PLC reduced its stake in First Horizon Corporation by 22.6%, holding 83,124 shares valued at approximately $1.6 million after selling 24,303 shares in the first quarter.
• Various hedge funds have recently adjusted their holdings in First Horizon, with Brooklyn Investment Group increasing its position by 18.9% and American Century Companies raising theirs by 12.5%.
• First Horizon announced a quarterly dividend of $0.15 per share, reflecting an annualized payout of $0.60 and a dividend yield of 2.6%.

Hsbc Holdings PLC lessened its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 22.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,124 shares of the financial services provider's stock after selling 24,303 shares during the period. Hsbc Holdings PLC's holdings in First Horizon were worth $1,600,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Byrne Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 830 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of First Horizon by 53,160.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 2,658 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of First Horizon by 137.5% during the 1st quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after purchasing an additional 1,975 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in shares of First Horizon during the 4th quarter valued at $130,000. Finally, UMB Bank n.a. grew its holdings in shares of First Horizon by 143.5% during the first quarter. UMB Bank n.a. now owns 6,716 shares of the financial services provider's stock valued at $130,000 after buying an additional 3,958 shares during 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 brokerages have recently weighed in on FHN. JPMorgan Chase & Co. boosted their price objective on shares of First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Jefferies Financial Group began coverage on shares of First Horizon in a report on Wednesday, May 21st. They set a "buy" rating and a $25.00 price objective on the stock. Raymond James Financial reissued an "outperform" rating and set a $24.00 price objective (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Royal Bank Of Canada reissued an "outperform" rating and set a $24.00 price objective (up from $22.00) on shares of First Horizon in a report on Monday, June 9th. Finally, Wells Fargo & Company boosted their price objective on shares of First Horizon from $20.00 to $23.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.34.

First Horizon Stock Performance

Shares of First Horizon stock traded up $0.06 during trading on Wednesday, hitting $22.46. 10,599,691 shares of the company's stock were exchanged, compared to its average volume of 9,458,898. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 0.96. The business has a 50-day simple moving average of $21.98 and a 200-day simple moving average of $20.17. First Horizon Corporation has a 52-week low of $14.82 and a 52-week high of $23.00. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 1.07 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last announced 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. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The firm had revenue of $830.19 million for the quarter, compared to the consensus estimate of $832.95 million. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, research analysts forecast that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.15 per share. 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 is 38.71%.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,000 shares of the 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 sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. This represents a 17.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the business'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 sale, the chief operating officer directly owned 342,051 shares of the company's stock, 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 have sold 148,295 shares of company stock worth $3,322,663 over the last three months. 1.04% of the stock is currently owned by insiders.

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.