Intech Investment Management LLC Sells 84,734 Shares of First Horizon Corporation $FHN

Key Points

• Intech Investment Management LLC reduced its holdings in First Horizon Corporation by 13.1%, selling 84,734 shares and retaining 560,008 shares worth approximately $10.9 million.
• First Horizon recently reported earnings of $0.45 per share, exceeding analysts' estimates, while its revenue of $830.19 million was slightly below expectations of $832.95 million.
• The company declared a quarterly dividend of $0.15 per share, with a dividend yield of 2.6%, demonstrating a payout ratio of 38.71%.

Intech Investment Management LLC trimmed its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 13.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 560,008 shares of the financial services provider's stock after selling 84,734 shares during the period. Intech Investment Management LLC owned 0.11% of First Horizon worth $10,875,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of FHN. Byrne Asset Management LLC lifted its stake in First Horizon by 115.3% during the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after purchasing an additional 830 shares during the last quarter. Quarry LP lifted its stake in shares of First Horizon by 129.2% in the first quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock worth $43,000 after acquiring an additional 1,243 shares during the period. Golden State Wealth Management LLC boosted its stake in shares of First Horizon by 53,160.0% in 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 boosted its position in First Horizon by 137.5% during the first quarter. Versant Capital Management Inc now owns 3,411 shares of the financial services provider's stock valued at $66,000 after acquiring an additional 1,975 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in First Horizon during the first quarter worth approximately $73,000. Institutional investors own 80.28% of the company's stock.

First Horizon Trading Down 0.5%

Shares of FHN stock opened at $22.69 on Thursday. The business has a 50-day moving average price of $22.11 and a two-hundred day moving average price of $20.20. First Horizon Corporation has a 12-month low of $14.82 and a 12-month high of $23.05. 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 firm has a market cap of $11.52 billion, a P/E ratio of 14.64, a price-to-earnings-growth ratio of 1.08 and a beta of 0.67.

First Horizon (NYSE:FHN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating 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 company had revenue of $830.19 million during the quarter, compared to analysts' expectations of $832.95 million. During the same quarter in the prior year, the company earned $0.36 EPS. Equities analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current fiscal year.

First Horizon Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, September 12th. This represents a $0.60 annualized dividend and a yield of 2.6%. First Horizon's dividend payout ratio is 38.71%.

Wall Street Analyst Weigh In

FHN has been the topic of a number of research reports. Bank of America upped their target price on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Raymond James Financial reiterated an "outperform" rating and set a $24.00 price target (up from $20.00) on shares of First Horizon in a report on Tuesday, July 8th. Jefferies Financial Group started coverage on shares of First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 target price on the stock. Citigroup boosted their price objective on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Finally, Truist Financial increased their target price on First Horizon from $21.00 to $23.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. One investment 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, First Horizon has an average rating of "Moderate Buy" and an average target price of $23.34.

Insider Activity

In related news, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction that occurred on Friday, August 22nd. The stock was 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 in the company, valued at $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 SEC, which is available through this hyperlink. Also, COO Tammy Locascio sold 10,285 shares of First Horizon stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $22.25, for a total transaction of $228,841.25. Following the transaction, 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. Over the last ninety days, insiders sold 148,295 shares of company stock valued at $3,322,663. Corporate insiders own 0.87% of the company's stock.

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.

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