Huber Capital Management LLC Has $11.91 Million Stock Holdings in First Horizon Corporation $FHN

Key Points

• Huber Capital Management LLC reduced its stake in First Horizon Corporation by 2.1%, now owning 613,168 shares, which represents about 2.2% of its portfolio.
• Several institutional investors increased their holdings in FHN during the first quarter, with CreativeOne Wealth LLC boosting its position by 50.8%.
• First Horizon recently declared a quarterly dividend of $0.15 per share, indicating a yield of 2.6% and a payout ratio of 38.71%.

Huber Capital Management LLC cut its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 613,168 shares of the financial services provider's stock after selling 13,000 shares during the period. First Horizon comprises about 2.2% of Huber Capital Management LLC's investment portfolio, making the stock its 15th largest position. Huber Capital Management LLC owned about 0.12% of First Horizon worth $11,908,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC bought a new stake in shares of First Horizon during the first quarter valued at approximately $983,000. B. Metzler seel. Sohn & Co. AG increased its position in shares of First Horizon by 17.1% during the first quarter. B. Metzler seel. Sohn & Co. AG now owns 40,189 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 5,862 shares during the period. CreativeOne Wealth LLC increased its position in shares of First Horizon by 50.8% during the first quarter. CreativeOne Wealth LLC now owns 17,261 shares of the financial services provider's stock valued at $335,000 after purchasing an additional 5,812 shares during the period. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of First Horizon during the first quarter valued at approximately $4,469,000. Finally, Comerica Bank increased its position in shares of First Horizon by 5.8% during the first quarter. Comerica Bank now owns 237,910 shares of the financial services provider's stock valued at $4,620,000 after purchasing an additional 13,119 shares during the period. 80.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FHN has been the topic of a number of research reports. Barclays boosted their price objective on First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. upped their price target on First Horizon from $19.50 to $22.50 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Truist Financial upped their price target on 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 upped their price target on First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group assumed coverage on First Horizon in a research report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $23.34.

First Horizon Price Performance

First Horizon stock traded down $0.12 on Friday, reaching $22.59. The company's stock had a trading volume of 9,262,381 shares, compared to its average volume of 10,015,676. 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 company 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 0.65. The business's fifty day moving average price is $21.85 and its 200 day moving average price is $20.15. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 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 return on equity of 10.55% and a net margin of 17.10%.During the same quarter in the previous year, the firm earned $0.36 earnings per share. Equities analysts expect that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid 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 payout ratio is currently 38.71%.

Insiders Place Their Bets

In other First Horizon news, EVP David T. Popwell sold 100,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.50, for a total value of $2,250,000.00. Following the transaction, the executive vice president owned 462,581 shares of the company's stock, valued at approximately $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of the stock in a transaction 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 transaction, the chief operating officer owned 342,051 shares in the company, valued at $7,610,634.75. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 148,295 shares of company stock worth $3,322,663. Insiders own 0.87% of the company's stock.

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.