Knights of Columbus Asset Advisors LLC Sells 179,578 Shares of First Horizon Corporation (NYSE:FHN)

Key Points

• Knights of Columbus Asset Advisors LLC reduced its holdings in First Horizon Corporation by 47.8% during the 1st quarter, now owning 196,033 shares valued at approximately $3.8 million.
• Many institutional investors, including JPMorgan Chase & Co., have increased their holdings in First Horizon, highlighting significant interest from hedge funds.
• First Horizon's stock has an average rating of "Moderate Buy" from analysts, with a target price of approximately $23.28.

Knights of Columbus Asset Advisors LLC trimmed its stake in First Horizon Corporation (NYSE:FHN - Free Report) by 47.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 196,033 shares of the financial services provider's stock after selling 179,578 shares during the quarter. Knights of Columbus Asset Advisors LLC's holdings in First Horizon were worth $3,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Belpointe Asset Management LLC increased its stake in First Horizon by 3.1% in the 4th quarter. Belpointe Asset Management LLC now owns 17,631 shares of the financial services provider's stock valued at $355,000 after buying an additional 535 shares during the period. Signaturefd LLC grew its holdings in shares of First Horizon by 4.8% during the 1st quarter. Signaturefd LLC now owns 13,878 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 635 shares in the last quarter. Thoroughbred Financial Services LLC increased its stake in shares of First Horizon by 4.8% in the fourth quarter. Thoroughbred Financial Services LLC now owns 14,621 shares of the financial services provider's stock worth $294,000 after acquiring an additional 676 shares during the last quarter. Tidal Investments LLC increased its stake in shares of First Horizon by 1.2% in the fourth quarter. Tidal Investments LLC now owns 67,390 shares of the financial services provider's stock worth $1,357,000 after acquiring an additional 767 shares during the last quarter. Finally, Greenleaf Trust raised its holdings in shares of First Horizon by 3.9% during the first quarter. Greenleaf Trust now owns 20,919 shares of the financial services provider's stock worth $406,000 after acquiring an additional 779 shares in the last quarter. 80.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on FHN. Royal Bank Of Canada restated an "outperform" rating and issued a $24.00 target price (up previously from $22.00) on shares of First Horizon in a research note on Monday, June 9th. Jefferies Financial Group started coverage on First Horizon in a research note on Wednesday, May 21st. They issued a "buy" rating and a $25.00 price target for the company. Wall Street Zen upgraded First Horizon from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Barclays raised 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, Bank of America boosted their target price on shares of First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, First Horizon currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.28.

Insider Buying and Selling at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction dated 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 transaction, the chief operating officer owned 342,051 shares of the company's stock, valued at $7,610,634.75. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David T. Popwell sold 38,010 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $22.20, for a total value of $843,822.00. Following the completion of the sale, the executive vice president owned 550,011 shares in the company, valued at $12,210,244.20. This trade represents a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.04% of the company's stock.

First Horizon Stock Performance

First Horizon stock traded down $0.19 on Tuesday, reaching $22.34. 7,167,842 shares of the stock were exchanged, compared to its average volume of 6,184,411. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a twelve month low of $14.34 and a twelve month high of $23.00. The firm has a fifty day moving average price of $20.82 and a two-hundred day moving average price of $20.07. The stock has a market cap of $11.33 billion, a PE ratio of 14.42, a PEG ratio of 1.08 and a beta of 0.61.

First Horizon (NYSE:FHN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.04. The company had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a net margin of 17.10% and a return on equity of 10.55%. During the same period last year, the business posted $0.36 EPS. Sell-side analysts anticipate that First Horizon Corporation will post 1.67 EPS for the current year.

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.