Ieq Capital LLC Sells 16,800 Shares of First Horizon Corporation $FHN

Key Points

• Ieq Capital LLC reduced its holdings in First Horizon Corporation by 9.3% during the first quarter, now owning 163,321 shares valued at $3,172,000.
• First Horizon's quarterly earnings surpassed analysts' expectations, reporting $0.45 EPS, beating the consensus estimate of $0.41.
• The company announced a quarterly dividend of $0.15 per share, representing a 2.7% dividend yield, with the payout ratio currently at 38.71%.

Ieq Capital LLC lessened its stake in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 9.3% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 163,321 shares of the financial services provider's stock after selling 16,800 shares during the period. Ieq Capital LLC's holdings in First Horizon were worth $3,172,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FHN. Northern Trust Corp grew its holdings in First Horizon by 29.5% during the fourth quarter. Northern Trust Corp now owns 4,970,951 shares of the financial services provider's stock valued at $100,115,000 after purchasing an additional 1,130,991 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in shares of First Horizon by 1,247.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 312,737 shares of the financial services provider's stock worth $6,299,000 after purchasing an additional 289,536 shares during the period. Ategra Capital Management LLC boosted its position in shares of First Horizon by 1.6% in the fourth quarter. Ategra Capital Management LLC now owns 628,637 shares of the financial services provider's stock worth $12,661,000 after purchasing an additional 10,000 shares during the period. Aptus Capital Advisors LLC bought a new position in shares of First Horizon in the fourth quarter worth approximately $238,000. Finally, Alyeska Investment Group L.P. boosted its position in shares of First Horizon by 65.2% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,322,567 shares of the financial services provider's stock worth $46,776,000 after purchasing an additional 916,752 shares during the period. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Up 1.0%

Shares of NYSE:FHN traded up $0.22 during trading on Thursday, hitting $22.72. The company had a trading volume of 7,530,390 shares, compared to its average volume of 6,788,292. The company has a fifty day simple moving average of $21.98 and a two-hundred day simple moving average of $20.17. The stock has a market cap of $11.53 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.96 and a quick ratio of 0.95. First Horizon Corporation has a one year low of $14.82 and a one year high of $23.00.

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. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.The firm had revenue of $830.19 million during the quarter, compared to analyst estimates of $832.95 million. During the same period last year, the company earned $0.36 EPS. As a group, equities analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The business also recently disclosed 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 is Friday, September 12th. This represents a $0.60 dividend on an annualized basis and a yield of 2.6%. First Horizon's dividend payout ratio (DPR) is presently 38.71%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FHN. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $24.00 price objective (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Jefferies Financial Group began coverage on First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective for the company. Wells Fargo & Company upped their target price on shares of First Horizon from $20.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Barclays increased their price objective on shares of First Horizon from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen lowered shares of First Horizon from a "hold" rating to a "sell" rating in a research report on Saturday, August 23rd. 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.34.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated 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 sale, the executive vice president owned 462,581 shares in the company, valued at $10,408,072.50. This trade represents a 17.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Tammy Locascio sold 10,285 shares of First Horizon 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 sale, the chief operating officer directly owned 342,051 shares of the company's stock, valued at approximately $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 148,295 shares of company stock valued at $3,322,663 in the last quarter. 1.04% of the stock is currently owned by company insiders.

First Horizon 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.