Kodai Capital Management LP Sells 440,739 Shares of First Horizon Corporation $FHN

Key Points

• Kodai Capital Management LP has reduced its stake in First Horizon Corporation by 21.3%, selling 440,739 shares and now holds approximately 1,629,143 shares of the company.
• Several institutional investors have adjusted their positions in First Horizon, with Wealth Preservation Advisors LLC acquiring a new stake valued at $983,000, and other firms increasing their investments during the same quarter.
• First Horizon announced a quarterly dividend of $0.15 per share, payable on October 1st, with a current yield of 2.6% and a payout ratio of 38.71%.

Kodai Capital Management LP decreased its position in First Horizon Corporation (NYSE:FHN - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,629,143 shares of the financial services provider's stock after selling 440,739 shares during the period. First Horizon accounts for 1.2% of Kodai Capital Management LP's portfolio, making the stock its 27th largest position. Kodai Capital Management LP owned 0.32% of First Horizon worth $31,638,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC lifted its stake in First Horizon by 115.3% in the first quarter. Byrne Asset Management LLC now owns 1,550 shares of the financial services provider's stock valued at $30,000 after buying an additional 830 shares during the period. Golden State Wealth Management LLC grew its holdings in shares of 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 buying an additional 2,658 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of 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 buying an additional 1,975 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in First Horizon in the first quarter valued at approximately $73,000. Finally, Mpwm Advisory Solutions LLC bought a new position in First Horizon in the fourth quarter valued at approximately $130,000. Institutional investors and hedge funds own 80.28% of the company's stock.

First Horizon Stock Down 0.5%

NYSE:FHN traded down $0.11 on Wednesday, hitting $22.30. The stock had a trading volume of 4,327,533 shares, compared to its average volume of 6,748,187. The business's fifty day moving average is $21.94 and its 200 day moving average is $20.16. The company has a market cap of $11.32 billion, a PE ratio of 14.40, a P/E/G ratio of 1.07 and a beta of 0.67. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.15. First Horizon Corporation has a 52 week low of $14.82 and a 52 week high of $23.00.

First Horizon (NYSE:FHN - Get Free Report) last announced 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 business had revenue of $830.19 million for the quarter, compared to analyst estimates of $832.95 million. First Horizon had a return on equity of 10.55% and a net margin of 17.10%.During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, equities research analysts expect 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. Stockholders of record on Friday, September 12th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.7%. First Horizon's dividend payout ratio is 38.71%.

Analysts Set New Price Targets

FHN has been the subject of a number of analyst reports. Jefferies Financial Group initiated 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. Bank of America lifted their price target on First Horizon from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Citigroup lifted their price objective on First Horizon from $25.00 to $26.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Wall Street Zen cut First Horizon from a "hold" rating to a "sell" rating in a report on Saturday, August 23rd. Finally, Barclays boosted their price target on First Horizon from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, First Horizon has a consensus rating of "Moderate Buy" and an average price target of $23.34.

Insider Activity at First Horizon

In related news, COO Tammy Locascio sold 10,285 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $22.25, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David T. Popwell sold 100,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.50, for a total value of $2,250,000.00. Following the sale, the executive vice president directly owned 462,581 shares of the company's stock, valued at $10,408,072.50. The trade was a 17.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,295 shares of company stock valued at $3,322,663. Company 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.