First Horizon Corporation (NYSE:FHN) Shares Sold by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. reduced its holdings in First Horizon Corporation by 43.1%, selling 47,438 shares and ending the quarter with 62,590 shares valued at approximately $1,215,000.
• First Horizon recently declared a $0.15 quarterly dividend with an annual yield of 2.8%, aimed to be paid on October 1st.
• The stock has received various ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $23.28.

Jefferies Financial Group Inc. cut its position in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 43.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,590 shares of the financial services provider's stock after selling 47,438 shares during the period. Jefferies Financial Group Inc.'s holdings in First Horizon were worth $1,215,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FHN. Millennium Management LLC increased its stake in First Horizon by 102.3% during the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after acquiring an additional 10,763,349 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in First Horizon by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider's stock valued at $400,173,000 after buying an additional 97,429 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in First Horizon by 496.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,202,539 shares of the financial services provider's stock valued at $165,199,000 after buying an additional 6,827,040 shares during the last quarter. Northern Trust Corp increased its position in shares of 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 acquiring an additional 1,130,991 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of First Horizon by 20.9% in the 4th quarter. Invesco Ltd. now owns 3,787,498 shares of the financial services provider's stock valued at $76,280,000 after acquiring an additional 654,642 shares during the period. Hedge funds and other institutional investors own 80.28% of the company's stock.

Analyst Upgrades and Downgrades

FHN has been the topic of a number of research analyst reports. Truist Financial boosted their target price on First Horizon from $21.00 to $23.00 and gave the company a "hold" rating in a research report on Friday, July 11th. Citigroup raised their target price on First Horizon from $22.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods cut their price target on shares of First Horizon from $24.00 to $22.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Bank of America raised their price objective on shares of First Horizon from $26.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $23.28.

First Horizon Stock Performance

Shares of FHN stock traded down $0.30 during trading hours on Wednesday, hitting $21.38. The stock had a trading volume of 9,001,958 shares, compared to its average volume of 6,372,431. The stock's 50 day moving average is $21.06 and its 200 day moving average is $20.11. The firm has a market capitalization of $10.85 billion, a PE ratio of 13.80, a PEG ratio of 1.03 and a beta of 0.65. First Horizon Corporation has a twelve month low of $14.60 and a twelve month high of $23.00. 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 (NYSE:FHN - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. The business had revenue of $830.19 million during the quarter, compared to the consensus estimate of $832.95 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. As a group, research analysts forecast that First Horizon Corporation will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, September 12th. First Horizon's dividend payout ratio is 38.71%.

Insider Buying and Selling

In related news, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $22.20, for a total transaction of $843,822.00. Following the transaction, the executive vice president owned 550,011 shares of the company's stock, valued at $12,210,244.20. This represents a 6.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Tammy Locascio sold 10,285 shares of the firm's 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 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 position. The disclosure for this sale can be found here. Corporate insiders own 1.04% 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.