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

Key Points

• Hsbc Holdings PLC cut its First Horizon stake by 25.4% in the second quarter, selling 51,057 shares and retaining 150,273 shares valued at approximately $3.84 million. Institutional investors collectively own 80.28% of the stock.
• Analyst sentiment remains mixed: nine analysts rate First Horizon a Buy, 11 recommend Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $27.45.
• First Horizon exceeded quarterly expectations, reporting $0.54 in EPS versus the $0.52 estimate and $887 million in revenue. The company also declared a quarterly dividend of $0.17 per share, representing a 2.7% annualized yield.

Hsbc Holdings PLC reduced its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 25.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,273 shares of the financial services provider's stock after selling 51,057 shares during the period. Hsbc Holdings PLC's holdings in First Horizon were worth $3,837,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in First Horizon during the 2nd quarter worth about $1,505,239,000. Bank of New York Mellon Corp purchased a new position in First Horizon during the second quarter valued at approximately $747,445,000. Norges Bank bought a new stake in First Horizon during the 4th quarter worth approximately $153,942,000. William Blair Investment Management LLC bought a new stake in First Horizon during the 2nd quarter worth approximately $123,283,000. Finally, Bank of America Corp DE purchased a new stake in First Horizon in the 2nd quarter worth approximately $96,739,000. 80.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FHN has been the subject of several analyst reports. UBS Group restated a "buy" rating on shares of First Horizon in a research report on Thursday, July 16th. Fundamental Research set a $28.50 price objective on First Horizon in a research note on Wednesday, July 1st. Raymond James Financial raised their price target on First Horizon from $26.00 to $28.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. National Bank Financial set a $30.00 price objective on First Horizon in a report on Tuesday. Finally, Morgan Stanley initiated coverage on shares of First Horizon in a research report on Tuesday. They issued an "equal weight" rating and a $30.00 price objective on the stock. Nine investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $27.45.

Insider Buying and Selling

In other First Horizon news, EVP Elizabeth Ardoin sold 18,313 shares of First Horizon stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $24.85, for a total transaction of $455,078.05. Following the transaction, the executive vice president directly owned 340,368 shares of the company's stock, valued at approximately $8,458,144.80. This trade represents a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.91% of the stock is owned by insiders.

First Horizon Trading Up 0.7%

NYSE FHN opened at $24.76 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.15. The stock's 50-day simple moving average is $25.32 and its two-hundred day simple moving average is $24.43. First Horizon Corporation has a twelve month low of $19.80 and a twelve month high of $26.56. The company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 0.97 and a beta of 0.60.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. The firm had revenue of $887.00 million during the quarter, compared to analysts' expectations of $878.42 million. First Horizon had a return on equity of 12.06% and a net margin of 21.12%.During the same period in the prior year, the business earned $0.45 EPS. Research analysts forecast that First Horizon Corporation will post 2.15 EPS for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, September 11th. First Horizon's dividend payout ratio (DPR) is presently 32.54%.

First Horizon Profile

First Horizon Corporation NYSE: FHN is a financial services company headquartered in Memphis, Tennessee. Through its principal subsidiary, First Horizon Bank, the company provides banking, lending and wealth management services to individuals, businesses and institutions.

Its consumer banking activities include checking and savings accounts, residential mortgages, personal loans, credit products and digital banking services. First Horizon also serves commercial customers with business deposits, commercial and industrial loans, real estate financing, treasury management and other specialized banking solutions.

The company offers investment, trust and advisory services through its wealth management operations and provides capital markets services, including investment banking, securities underwriting, fixed-income products and institutional sales and trading.

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