First Horizon Corporation (NYSE:FHN) Shares Sold by KBC Group NV

KBC Group NV lessened its holdings in shares of First Horizon Corporation (NYSE:FHN - Free Report) by 86.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,328 shares of the financial services provider's stock after selling 143,633 shares during the quarter. KBC Group NV's holdings in First Horizon were worth $453,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Millennium Management LLC grew its stake in First Horizon by 102.3% in the fourth quarter. Millennium Management LLC now owns 21,285,306 shares of the financial services provider's stock worth $428,686,000 after purchasing an additional 10,763,349 shares during the period. Dimensional Fund Advisors LP grew its stake in First Horizon by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 19,869,403 shares of the financial services provider's stock worth $400,173,000 after purchasing an additional 97,429 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake 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 worth $165,199,000 after purchasing an additional 6,827,040 shares during the period. Norges Bank purchased a new stake in First Horizon in the fourth quarter worth $132,418,000. Finally, JPMorgan Chase & Co. grew its stake in First Horizon by 160.1% in the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider's stock worth $111,270,000 after purchasing an additional 3,400,811 shares during the period. Institutional investors own 80.28% of the company's stock.

First Horizon Price Performance

Shares of NYSE:FHN traded down $0.29 during midday trading on Monday, hitting $21.72. The company had a trading volume of 3,285,607 shares, compared to its average volume of 6,015,110. First Horizon Corporation has a twelve month low of $14.34 and a twelve month high of $22.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $11.02 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 1.13 and a beta of 0.61. The business's 50-day simple moving average is $19.90 and its 200-day simple moving average is $19.87.

First Horizon (NYSE:FHN - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The business had revenue of $823.69 million during the quarter, compared to analyst estimates of $825.11 million. First Horizon had a return on equity of 10.33% and a net margin of 16.13%. During the same period last year, the business posted $0.35 earnings per share. On average, research analysts predict that First Horizon Corporation will post 1.67 earnings per share for the current year.

First Horizon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Friday, June 13th. First Horizon's dividend payout ratio is presently 41.67%.

Analysts Set New Price Targets

A number of research firms have recently commented on FHN. 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 target price on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $24.00 target price (up from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Raymond James Financial cut their target price on First Horizon from $23.00 to $22.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 2nd. Baird R W raised First Horizon from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Truist Financial began coverage on First Horizon in a report on Tuesday, May 13th. They set a "hold" rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.47.

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.