Intech Investment Management LLC Trims Holdings in 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 lessened its holdings in First Horizon Corporation (NYSE:FHN - Free Report) by 13.1% during the first quarter, according to its most recent 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 quarter. 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.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Byrne Asset Management LLC grew its stake in First Horizon by 115.3% in the 1st quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock worth $30,000 after acquiring an additional 830 shares during the period. Quarry LP raised its stake in shares of First Horizon by 129.2% in the 1st quarter. Quarry LP now owns 2,205 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 1,243 shares in the last quarter. Golden State Wealth Management LLC raised its stake in First Horizon by 53,160.0% during the first quarter. Golden State Wealth Management LLC now owns 2,663 shares of the financial services provider's stock worth $52,000 after acquiring an additional 2,658 shares during the period. Versant Capital Management Inc raised its stake 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 worth $66,000 after acquiring an additional 1,975 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in First Horizon in the 1st quarter worth about $73,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.

First Horizon Trading Down 0.8%

Shares of NYSE FHN traded down $0.19 during midday trading on Tuesday, reaching $22.14. The stock had a trading volume of 2,646,430 shares, compared to its average volume of 7,011,777. The firm has a market cap of $11.24 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 1.07 and a beta of 0.67. First Horizon Corporation has a twelve month low of $14.82 and a twelve month high of $23.08. 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's 50 day moving average price is $22.15 and its 200 day moving average price is $20.22.

First Horizon (NYSE:FHN - Get Free Report) last released its earnings results 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 for the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the previous year, the company earned $0.36 EPS. As a group, sell-side analysts expect that First Horizon Corporation will post 1.67 EPS for the current year.

First Horizon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio (DPR) is currently 38.71%.

Analysts Set New Price Targets

FHN has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of First Horizon from $19.50 to $22.50 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Truist Financial lifted their price objective on shares of First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research note on Friday, July 11th. Barclays boosted their price objective on shares of First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. 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. Finally, Jefferies Financial Group initiated coverage on shares of First Horizon in a report on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.34.

Insider Buying and Selling

In other First Horizon news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction that occurred on 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 in the company, valued at $7,610,634.75. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David T. Popwell sold 100,000 shares of First Horizon stock in a transaction dated 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 148,295 shares of company stock worth $3,322,663 over the last ninety days. 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.